Citing "growing competition from Cincinnati's Banks development, Horseshoe Casino Cincinnati and a resurgent Over-the-Rhine," Levee officials in Kentucky plan to ask for a "three-year extension of tax incentives under the Kentucky Tourism Development Act," Nky.com reports. The tax breaks enabled developers to complete construction of Newport on the Levee, which is a "400,000-square-foot entertainment complex on the southern shore of the Ohio River" that revitalized Northern Kentucky's riverfront. Officials stress that they are not asking for additional money, but for additional time to realize the $40 million total that Kentucky law provides for "new or expanding tourist attractions to recoup up to 25 percent of a project's cost for up to 10 years by keeping a portion of sales tax receipts," the article said. They estimate that a three-year extension would generate about $6.3 million, which they said would be invested in "capital projects such as expanding onto an adjacent surface parking lot and redeveloping the long-shuttered IMAX theater." For more, read the full story.
Officials plan to ask Kentucky for a three-year extension on its tax credit for the Newport on the Levee entertainment complex
