News

Noah’s Ark Theme Park Loses $18M Tax Deal Over $10 Land Sale

A Noah’s Ark theme park may have just hit rough waters.

Kentucky tourism officials have suspended a tax rebate deal worth $18 million after Ark Experience handed over the land the theme park sits on to an affiliated not-for-profit entity.

The officials said the sale of the $48 million property for just $10 violated the terms of the tax deal because the theme park failed to inform the state or to get approval, the Lexington Herald-Leader said.

Not-for-profits can qualify for the tax incentive, but the deal was made for Ark Encounter, not its not-for-profit affiliate.

It’s unclear why Ark Encounter carried out the transaction, and whether it believes it might be eligible for other tax benefits if the not-for-profit owns its property.

Recommend this article

Noah’s Ark Theme Park Loses $18M Tax Deal Over $10 Land Sale

Thank you!

This article has been sent!

Close
Close