Panel OKs incentives to reopen amusement park

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FRANKFORT, Ky. (AP) -- The state has approved incentives up to $3.9 million over 10 years for the company that plans to reopen a shuttered amusement park in Louisville.

Bluegrass Boardwalk is the name planned for the former Kentucky Kingdom by the Koch family, which operates Holiday World theme park in Santa Claus, Ind. The Kentucky Tourism, Arts and Heritage Cabinet says Bluegrass Boardwalk proposes investing $15.6 million to open the park in 2014.

The Kentucky Tourism Development Finance authority approved the incentives at a meeting Wednesday. The cabinet said in a statement that the net fiscal impact is projected to be approximately $48 million over the 10-year period. That estimate includes a lease agreement with the Kentucky State Fair Board.