City drafts plan to reopen Kentucky Kingdom

LOUISVILLE, KY (AP) - Louisville Mayor Greg Fischer is pitching a proposal aimed at reopening Kentucky Kingdom amusement park in 2012 by issuing $17.5 million in city bonds.

Fischer, in a statement issued Wednesday, said parking fees, a third-party investor and taxes collected from jobs at the park would pay off the bonds.

Fischer presented the plan to Kentucky Kingdom investor Ed Hart and Kentucky State Fair Board President Harold Workman.

Kentucky Kingdom was formerly operated by Six Flags, but was abandoned in 2010 during a bankruptcy filing.

Under Fischer's proposal, the city would commit its portion of the occupational tax revenues collected at the park toward the bond payment, up to $1 million. The park's operators would commit parking fees generated toward any difference between the taxes collected and the $1 million.

(Copyright 2011 by The Associated Press. All Rights Reserved.)