Kentucky Fair Board Approves Kentucky Kingdom Redevelopment Company

May 28, 2010 Martin Palicki Uncategorized 0

The Kentucky Kingdom Redevelopment Company (KKRC), a Kentucky limited liability company under the leadership of majority member and sole investor, Edward J. Hart, has entered into an exclusive agreement with the Kentucky State Fair Board for the purpose of creating a redevelopment plan and negotiating a lease to operate a theme park on the former Six Flags Kentucky Kingdom property.

A successful redevelopment of the Kentucky Kingdom property as family entertainment is important to the region for jobs and economic development. It directly and indirectly benefits local contractors and vendors, and for twenty years has been a significant part of Louisville’s tourism and hospitality industry.

Kentucky Kingdom adds to the quality of life of the region and its closing has cost both city and state government substantial tax dollars as Kentucky families travel out of state to visit major theme or water parks and regional tourists fail to choose Louisville as a travel destination. According to Louisville Convention & Visitor Bureau President Jim Wood, more than 10,000 room nights per year will go unsold due to the park’s closure. In addition, nearly 100 full time jobs and nearly 1,000 seasonal jobs have been lost.

The KKRC has recruited a proven redevelopment and operations team which has succeeded in turning around two previously failed theme parks: Magic Springs in Hot Springs, Arkansas and the original Kentucky Kingdom in Louisville, Kentucky. After operating for 17 years, the Magic Springs theme park closed in 1995. Mr. Hart and his development team reopened it in 2000 and it remains open today. The original Kentucky Kingdom closed in 1987 after only one season of operation and Mr. Hart’s team reopened that facility in 1990 and successfully operated it until it was sold in 1997.

As part of its due diligence, the KKRC has conducted a thorough review of the Kentucky Kingdom property and amenities toward determining a strategic plan for positioning the park so that it is compatible with current market trends and local community needs.

Preliminary plans call for a reconfiguration of the property’s use including consolidation of existing and new rides as well as an expansion of the existing water park.

The KKRC will continue to develop its plan to provide an exciting, safe, well managed and well funded family oriented attraction complimentary to the activities and events that routinely occupy the Kentucky Exposition Center. A reasonable timetable and estimated costs will be determined as the plan is finalized.

KKRC has agreed to provide up to $3 million for the exclusive right to finalize a lease agreement satisfactory to both KKRC and the Kentucky State Fair Board.

In addition, KKRC’s redevelopment plans are contingent upon the creation of a public-private partnership with local and/or state agencies in order to provide the investment dollars necessary to substantially renew and improve the park to achieve the positive economic impact that the park is capable of providing for the region.

The KKRC looks forward to pursuing a successful redevelopment plan with the Fair Board and, assuming the Fair Board finds it acceptable, to finalizing the terms and conditions of a lease agreement. Recognizing that a reasonable timetable is important, the KKRC is prepared to devote its full attention and energy to the successful redevelopment of the Kentucky Kingdom property.