Tags

Related Posts

Share This

Kentucky Kingdom reopening as Bluegrass Boardwalk in May 2013

Posted by on Feb 23, 2012 | 0 comments

LOUISVILLE, KY (WAVE) – The Kentucky Fair Board has approved a lease agreement for the former Kentucky Kingdom property to the Koch family of Santa Claus, IN, operators of Holiday World theme park.

Kentucky Kingdom will be renamed Bluegrass Boardwalk. According to the Bluegrass Boardwalk Twitter page, the park will reopen in May 2013 and employ 25 full-time and 800 seasonal workers.

The Koch family says it plans to bring the Holiday World culture to Bluegrass Boardwalk, citing safety, service, friendliness, cleanliness and value.

The Kochs say Bluegrass Boardwalk will feature free soft drink, free sunscreen and free use of inner tubes at its water park.

“We’re here to serve our Guests. They’re most important,” according to the Bluegrass Boardwalk Twitter page. “This is going to become a gem. We’re going to do this the right way.”

 

Executive Summary

Operation of Amusement Park – Kentucky Exposition Center

February 23, 2012

  •  Bluegrass Boardwalk, Inc. and the Kentucky State Fair Board have negotiated a lease as a first step toward operation of the 57.26 acre property, beginning in 2013.
  •  Bluegrass Boardwalk, Inc. consists of members of the Koch family.  The Koch family has owned and operated Holiday World in Santa Claus, IN since it opened in the early 1940′s.
  •  Bluegrass Boardwalk, Inc. will apply the same business model to the Kentucky amusement park as it has Holiday World in Santa Claus, IN.
  •  The summary lease terms are as follows;
    • 50-year term with two 25-year options to renew and a right of first refusal thereafter to lease.
    • 2013 – base rent $400,000
    • 2014 – base rent $500,000
    • 2015 – base rent $750,000
    • 2016 and thereafter – base rent of $1 million
    • Lease years 2013 – 2016 five percent of gross revenues over $25 million
    • Starting in Lease year 2017 until $5 million is reached, five percent of the gross receipts $20 million – $25 million.  After $25 million is reached, five percent of gross receipts over $25 million for remainder of the lease term.
    • Parking to be equitable fee sharing arrangement determined after first year of operation
    • Kentucky State Fair Board to receive ten percent of sale of leasehold interest should tenant sell.  Landlord has right to approve sale.