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Kentucky Kingdom (SFKK, KK) Discussion Thread

P. 401: Herschend Enterprises named majority partner and park operator

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Save Kentucky Kingdom just posted this.

 

Another major hurdle has been eliminated!!! Fair Board has approved lease for KKRD. Unanimous vote in favor of the lease conditions.

You heard it here first! Ed Hart to hold press conference at 2:30pm.

https://www.facebook.com/#!/SaveKentuckyKingdom

Edited by kidcoaster 2
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I feel the same way... let's not forget the Koch family members had a lease agreement but before they signed at the x they backed out of it before it was too late. I won't be excited until opening day 2014. They have a lot of work to do and might be best to bulldoze and start from scratch as long as the slides and rides have been sitting.

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I feel the same way... let's not forget the Koch family members had a lease agreement but before they signed at the x they backed out of it before it was too late. I won't be excited until opening day 2014. They have a lot of work to do and might be best to bulldoze and start from scratch as long as the slides and rides have been sitting.

 

Have you seen the legal infighting with the Koch Family. I wouldn't be surprised if that had something to do with them bailing.

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I feel the same way... let's not forget the Koch family members had a lease agreement but before they signed at the x they backed out of it before it was too late. I won't be excited until opening day 2014. They have a lot of work to do and might be best to bulldoze and start from scratch as long as the slides and rides have been sitting.

 

Have you seen the legal infighting with the Koch Family. I wouldn't be surprised if that had something to do with them bailing.

 

Couldn't agree more!

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Here is the news as reported in the Louisville Courier Journal.

 

http://www.courier-journal.com/article/20130124/NEWS01/301240028/Kentucky-Kingdom-lease-approved-developers-target-Spring-2014-reopening

 

Kentucky Kingdom lease approved; developers target Spring 2014 reopening

 

Jan. 24, 2013 2:21 PM

Sheldon S. Shafer

 

The Kentucky Kingdom amusement park at the state fairgrounds would open in Spring of 2014 under a lease agreement between the state and investors led by former park operator Ed Hart.

 

The Kentucky State Fair Board voted unanimously Thursday afternoon to approve the deal.

 

The deal would require the investors to put in $45 million, including $25 million that they would borrow. The lease is contingent on the investors finalizing the loan.

 

The investors, Kentucky Kingdom Redevelopment Co., would have an initial lease on the state-owned property for 50 years and would control 57 acres plus another 4 acres for the potential expansion of the water park. The group would pay rent to the state of $475,000 a year at first, then it would increase over 15 years until it is capped at $1.2 million.

 

The developers would get $1.25 of the current $8 visitors pay to park. All rides and improvements undertaken by the developers would become property of the state.

 

Hart’s group has scheduled a press conference for later in the day to discuss its plans.

 

Earlier this week, Louisville city officials and the convention bureau offered financial incentives worth as much as $300,000 a year toward reopening the park.

 

The Louisville Convention & Visitors Bureau board of commissioners voted to provide the developers $100,000 a year for five years toward the park’s operating cost. And Mayor Greg Fischer said the city has agreed to return to the park up to 1.25 percent of the annual occupational tax collections generated by the park’s employment. Fischer estimated the city incentive to be worth about $100,000 a year.

 

In addition, Louisville Metro Council President Jim King, D-10th District, said he would introduce a resolution that would have the city match the job tax rebate. He said that probably will be a general fund appropriation of around $100,000 a year over the next decade.

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^ From what has transpired over the last couple years, with Ed Hart not going away, it definitely seems to be a personal quest for him to get this park re-opened. I guess he figures the business aspect of it isn't as important to him. As far as the state is concerned, it seems like they have nothing to lose here.

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I hope the park does well, but man those hare some hard terms. Anyone know why the board was looking for a deal like this?

 

If anything it might jeopardize the park's ability to make a profit and stay open. That seems counter to the board's initial goal of ensuring that the area has more jobs and taxable income.

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I'm pretty happy to see the park hopefully re-opening. I feel like Ed Hart is really just doing this for the good of good. I know he wants to see the park run at its full potential, but so he wants to see the state prosper on the tourism and all the jobs the park will provide. Who else would accept a agreement like that?

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the point that really got me on how bad of a deal this is and it put it into a tangible meaning is out of one ticket sold for $8 Ed Hart's company will only get $1 and maybe some change. Who really would want to invest and manage on something with such a low return (around 1.25% roughly) and any invested money on rides and improvements would immediately become the states. On top of the low return after so many years your rents going up which is going to take a large chunk of that dollar per ticket. I don't see a happy ending in the future. Its no wonder when they opened the park to potential companies pretty much only Hart's group showed up.

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the point that really got me on how bad of a deal this is and it put it into a tangible meaning is out of one ticket sold for $8 Ed Hart's company will only get $1 and maybe some change. Who really would want to invest and manage on something with such a low return (around 1.25% roughly) and any invested money on rides and improvements would immediately become the states. On top of the low return after so many years your rents going up which is going to take a large chunk of that dollar per ticket. I don't see a happy ending in the future. Its no wonder when they opened the park to potential companies pretty much only Hart's group showed up.
They are talking about the price of parking not the price of admission and to be fair the fairgrounds does own the lot. I think ed gets to keep all Money made on tickets to the park plus all money spent within the park. Also you math is not right 1.25 of 8 is over 10% it's somewhere around 13 to 15%
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