Kentucky Kingdom (SFKK, KK) Discussion Thread

Let the drum roll begin...... Today is the day.

We're mins away...

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

Seen this before.......

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

Now we wait, for the inevitable "nah".

Edit: Well, now we wait for the permits and such to be tied up for another decade.

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.

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.

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!

I'm still wondering which will open first, Flying Turns or Kentucky Kingdom!

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.

I was excited for the park to reopen... but then I remembered that it was SFKK, home of the United States only SBNO Shuttle Loop.

I was excited for the park to reopen... but then I remembered that it was SFKK.

Yep...

I know Ed loves this park but he sounds like a mad man to take this offer in a bussiness sense, the state is taking all his profits and assets (rides)! Never the less its great to hear KK MIGHT reopen.

^ 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.

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.

Just based on the numbers shown in the article, I cannot imagine why anyone would take this deal. Will be curious to see how this all works out.

dt

All rides and improvements undertaken by the developers would become property of the state.

Wait... WHAT?!?!

So basically... only Ed Hart would be desperate enough to accept this...

You'd think that in this economy they would want them to succeed. Either let them open it and give them good terms or say no and let someone build something else.

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?

I would hope over the course of 50 years he could turn an average profit of 2 million a year. That would at least pay for the investment in the park and put a little cash in his pocket.

You're telling me that the guy actually accepted the offer. I guess he was that desperate to get the park back.

This won't end well.....again.

All rides and improvements undertaken by the developers would become property of the state.

 

Wait... WHAT?!?!

 

So basically... only Ed Hart would be desperate enough to accept this...

Yeah, this seems to be a terrible deal!

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.

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.