Operation of Amusement Park – Kentucky
February 23, 2012
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.
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.
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
- 2014 – base rent
- 2015 – base rent
- 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
- 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
(Source: Kentucky State Fair Board)