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Three Development Projects Approved For Tourism Incentives

Tom Edlen and Kentucky.com

The Kentucky Tourism Development Finance Authority today approved incentives for a Covington hotel project and two bourbon-related projects in Louisville and Woodford County.

The approved projects are:

-638 Madison LLC, developer of Hotel Covington, a boutique hotel being developed in the former Covington city hall. The hotel will have 114 rooms and a restaurant. Developers plan to spend $20.3 million and can qualify for up to $5.08 million in tax rebates over a 10 year period.

-The Jim Beam Urban Stillhouse, a distillery experience located on Fourth Street Live! In downtown Louisville.  The development is expected to cost $5.2 million and will qualify for up to $1.18 million in tax rebates over a 10-year period.

-Peristyle LLC, a renovation of the former Old Taylor Distillery in Woodford County. The distillery, built in 1887, will be refurbished, and visitors will be able to tour a craft distilling operation. There will also be space for special events. The expenditure related to tourism development is $6.79 million, which results in a tax rebate of up to $1.71 million over 10 years.

Reports on the three applications found that they met the requirements necessary to receive incentives. This includes meeting a minimum expenditure requirement, being open more than 100 days a year, attracting at least 25 percent of visitors from outside the state by its fourth year of operation and having a positive net economic impact on the Kentucky economy.

The authority considers applications under the Kentucky Tourism Development Act, which allows eligible tourism attractions a rebate of sales tax up to 25 percent of project capital costs.

(story provided by Kentucky Tourism, Arts and Heritage Cabinet)

Paul Hitchcock earned his Masters in Communications from Morehead State University and Bachelors in Radio-TV/Psychology from Georgetown College. A veteran broadcaster for more than 40 years and an avid fan of blues, jazz and American roots music. Hitchcock has been with WMKY since 1986 and was named General Manager in 2003. He currently hosts "Muddy Bottom Blues" (Fri., 8pm-9pm), "Nothin' But The Blues" (Sat., 8pm-12am), "Sunday Night Jazz Showcase" and "Live From The Jazz Lounge" (Sun., 8pm-9pm) and "The Golden Age of Radio" (Sun., 2pm-3pm). He also serves as producer for "A Time For Tales" and "The Reader's Notebook."
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