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Kentucky Kingdom (SFKK, KK) Discussion Thread

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

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^...Just needs to find $25 million in financing (which he will probably get..question is, will they be able to pay it back?).

 

That's where the 10 million in tax credits come in. So if they get those credits they just need to pay back 15 million.

 

WRONG!

 

The tax credits have no bearing on the fact that Ed Hart's group needs to secure a $25 million loan.

 

The Tax Credits are going to help pay back a portion of the loan. It's projected the tax credits will be $10 million.

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It's neither cheap, easy, or practical to dig a 100 foot deep tunnel. Apparently Roller Coaster Tycoon is catching on again.

Herschend was and is a different brand than Six Flags.   There is one certainty. Kentucky Kingdom will not be receiving a launched wooden roller coaster any time soon.

Yeah, I think the only 'concern' is because people see this park going more the way of Celebration City or Wild Adventures than becoming the next SDC or Dollywood.  I think it will stay pretty much th

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I think most of our expectations have been lowered considering this would be the third attempt at negotiating with the state and state fair board at reopening it. I'll obviously support it, being that it's the closest amusement park to me, but even I'm doubtful.

 

Luckily, I still have another wonderful amusement/water park just an hour away from KK.

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My gosh, it really seems like you all are just hoping this plan fails. lol

 

I hope it is successful, but usually when a project requires all sorts of "smoke and mirrors" such as anticipated tax rebates to get investors to believe they will get their money back...it's not a good sign.

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I live here, and my throught is that I'll believe it is happening when the gates open to the public and the rides are running. Until then, I haven't really followed the news about it. I would love to have a park here in town, but then again in the several years I lived here that it was open, I only went twice.

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I would really like to see them take the park in the same direction as Holiday World, Dollywood, or Silver Dollar City. Obviously they don't have the same geographic similarities, but they can apply the similar concepts which would work well, I think.

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I drove past the park last night. I have not been past the park in a while because I've been away at school. What is interesting is that all of the parks lights where on when I drove past. Most of the lights haven't been on since 2009, From the stadium behind T2 all the way do the stations lights on Twisted Twins and Mile High Falls. (I have not seen the lights on from that area since 2007). It gave me a feeling that life was in the park right then in there. I know there was a news story about the lights being on from last October, but that was only the front of the park, The entire park was not lighted up at the point of time. I will try to have pictures soon.

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  • 2 weeks later...
If Kentucky Kingdom reopens in 2014, I will make sure my family stops there on our theme park road trip.

 

It would definitely be a park I would try and get out to in 2014 as well, since that might be the last chance to get those credits.

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http://www.courier-journal.com/article/20130325/NEWS01/303250084/Kentucky-Kingdom-rehab-will-cost-more-than-first-thought?gcheck=1&nclick_check=1

 

It’s going to cost more than planned to get Kentucky Kingdom in shape, but developer Ed Hart said Monday he is confident the park will reopen as expected in 2014.

 

A public hearing is scheduled Friday on state incentives and Hart expects financing to be in place within 60 days.

 

“It will be more expensive than originally thought. ... That said, we are still prepared to move forward, once the financing arrangements are completed,” Hart said in a statement Monday, in response to a request for comment about the park’s condition. "Our team has been on property for almost two months. Yes, there is more deterioration than when we were last on the site almost two years ago,” Hart said of Kentucky Kingdom, which last operated in 2009. He concluded, however, that “we wouldn't be involved, if we couldn't return Kentucky Kingdom to 'like new' condition, making it better than ever."

 

Hart declined to comment beyond the statement, and his spokeswoman, Susan McNeese Lynch, declined to elaborate.

 

The pending request for state financial help, if approved, would be the last portion of the public incentive package sought by Hart’s group. The Kentucky Tourism, Arts & Heritage Cabinet has scheduled a public hearing on Friday at 10 a.m. in the 24th floor conference room of the Capital Plaza Tower in Frankfort on the incentive application.

 

“No red flags have been raised” in regard to the request, said Todd Cassidy, executive director of the Office of Financial Incentives in the Department of Travel and Tourism. Cassidy said that Hart’s group is paying a consultant to examine whether the amusement-park project would meet incentive requirements, including that at least 25 percent of the park’s paid admissions be from out of state, that the project be open at least 100 days a year and that the project have a positive fiscal impact on the state.

 

Hart’s group is seeking $1 million a year in rebates of state sales taxes for 10 years.

 

If all goes well, Cassidy said the Kentucky Tourism Development Finance Authority will consider final approval of the state incentives on April 10.

 

Hart’s group has been granted a long-term lease on the fairgrounds property by the Kentucky State Fair Board, and it has until mid-May to decide whether to proceed. Hart’s goal is to have the park open in May 2014.

 

Under the lease, Hart and his partners — businessman Bruce Lunsford, lawyer Ed Glasscock and the Al J. Schneider Co. — have agreed to invest $45 million in park improvements by 2017 — $20 million in partner equity and $25 million in borrowed money. The group is obligated to spend at least $1 million a year on park upgrades.

 

The Louisville Metro Council in February approved a local financial-incentive package to aid Hart’s group. The city intends to provide up to $100,000 a year for 10 years in the form of rebated occupational taxes generated by the park's employment. The financing additionally calls for Hart’s group to get $100,000 a year for five years from the Louisville Convention & Visitors Bureau.

 

The state and local incentives will be used to help pay the debt on the $25 million the developers plan to borrow.

 

Hart has nearly a dozen staff assessing the park’s condition.

 

Hart operated the park for a decade up through the late 1990s before he sold it to Six Flags. Hart plans to add two major rides and double the size of the water park.

 

Hart plans to hire about 50 full-time park staff, with up to 1,000 seasonal employees when the park begins operating.

 

Six Flags abandoned its lease on the park in early 2010 after it filed bankruptcy.

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And so the raising of "red flags" begin...

 

"More expensive than we thought"=the state better give us what we want or we're going to conveniently not be able to get the extra financing we need to cover those costs.

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Are they Hiring full time workers Yet. does anyone know?

 

http://www.kentuckykingdom.com/site/

 

As you may know if you’ve been following the news stories about Kentucky Kingdom, our company recently received approval from the state of Kentucky for the lease to operate the theme park and we are now engaged in a 90-day assessment period which began at the end of January. During this time, we will compile, review, and refine the cost estimates for all of the work that must be done to reopen Kentucky Kingdom, as well as nail down some remaining details with the state and local governments and finalize our financing package. With confidence that everything will come together, we have begun to mobilize our team, though we are still in the early stages. Our key technical services and managerial staff have been on site at Kentucky Kingdom since early February.

 

Our office has received a great number of calls, e-mails and mailed correspondence with respect to working at the park or doing business with the park. Please see the guidelines below for submission of information. We appreciate your patience and cooperation during this initial start-up phase of the new Kentucky Kingdom.

 

Employment – Year Round

 

It will be some months before we begin to broaden our management team by hiring additional full-time positions. Please continue to check our website for dates to apply for open positions. Resumes will not be processed prior to posting of open positions.

 

Employment – Seasonal

 

Kentucky Kingdom will host a hiring event in December, 2013 to solicit team members for our 2014 season, which begins in May. Please check our website after Thanksgiving for important information about the hiring process for seasonal positions.

 

Contractors and Suppliers

 

Companies interested in doing business with Kentucky Kingdom during our redevelopment phase or once the park is open should mail a company brochure or a letter detailing the products and/or services your company provides to:

 

Kentucky Kingdom

P.O. Box 21639

Louisville, KY 40221-0639

 

Your information will be forwarded to the appropriate department head and you will be contacted to provide a bid should we determine we have need of your products or services.

 

 

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I was at the Louisville convention center for a truck show this past week and managed to sneak a pic of the park from the parking lot. Shame to see that shuttle loop just sitting there & not feeling loved. The SLC on the other hand....not breaking my heart!

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No Anton lovin' going on - BOOO!

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^Knowing if they ever reopen Kentucky Kingdom the Schwarzkopf shuttle loop would be scrapped for a new ride/attraction in lieu of reopening the coaster or leaving SBNO like it is now!

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Boy oh boy oh boy . . .

 

This is getting interesting, so maybe there will be a Kentucky Kingdom in season #2014. Neverless, any plans for me to visit that park ( if it should ever open, that is) will not be realized until a few years later when I decide to drive out west again, and by that time the park might be running well with a few new additions that I hope will blow the minds of all those riders and amusement park flyers out there.

 

Mr. Hart, I've been BURNED ( ) before by promises of reopening defunct parks that fell way short to my satisfacation. Please be THE EXCEPTION!!! ( )

 

"I'm not perfect; I just love to ride"

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It’s going to cost more than planned to get Kentucky Kingdom in shape

 

Shocking.

 

I do hope that it opens, but it's pretty much a back and forth joke now.

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