Good news!LOUISVILLE, Ky. (WHAS11) -- The Kentucky State Fair Board unanimously approved the long-term lease with Bluegrass Boardwalk, Inc. Thursday afternoon.
The decision will allow the newly formed company to operate a theme park at the old Kentucky Kingdom site.
The new ownership group is composed of members of the Koch family, which owns and operates Holiday World in Santa Claus, Ind.
The group plans to open the park, which will be named Bluegrass Boardwalk Park on the 57 acre site beginning in May of next year.
Kentucky kingdom closed when it was abandoned by six flags in 2009 after the company declared bankruptcy.
Bluegrass Boardwalk, Inc. will pay the Kentucky Fair Board $400,000 for the first year of operation. That amount will increase annually until the lease amount becomes a million dollars a year, starting in 2016.
The fair board and Bluegrass Boardwalk, Inc. will share parking revenue under the agreement.
Bluegrass Boardwalk, Inc. plans to spend $15 to $20 million in the first year and will not ask for any public money from the Kentucky General Assembly.
Improvements should begin at the site within the next few months.
“It's like a Charlie Brown Christmas tree. All it needs is a lot of love, compassion and tenderness and we'll make it shine. There are pieces there we can fix. We wouldn't be doing this if there weren't pieces over there than can be restored to Holiday World conditions to provide a quality theme park/water park experience,” Dan Koch, Bluegrass Boardwalk, Inc., said.