Monday, July 24, 2017

'Ark Park' violates agreement, gets over $18 million in state tax breaks suspended

By Deborah Yetter
Noah's Ark Encounter Kentucky
LOUISVILLE---Kentucky has suspended tax breaks to the Ark Encounter, saying it breached a deal that provides the religious-themed attraction with $18 million in state tax incentives. The Northern Kentucky theme park, dubbed the "Ark Park" because it features a 510-foot-long model of Noah's Ark, was notified by state officials on Tuesday that the owners have violated an agreement with Kentucky by transferring the property from a for-profit company to a nonprofit company. The property was transferred for $10. If the property is deeded back to the for-profit entity within 30 days, the tax incentive will be restored, said Laura Brooks, spokeswoman for the tourism cabinet. [More]