Tuesday, 12 18, 2012
502-564-4270, ext 168
FRANKFORT, Ky. – The Kentucky Tourism Development Finance Authority has approved incentives for the 21c Museum Hotel in Lexington.
The 90-room project in the old First National Building and Fayette Building has a budget of $42 million. The hotel could be eligible for an incentive of up to $9 million over 10 years.
The authority heard a report Monday from Hunden Strategic Partners, the consultant hired to review the application for 21c, based in Louisville.
The net fiscal impact to Kentucky is projected to be more than $10.6 million over the 10-year term.
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 over a 10-year period. Projects must meet certain criteria to be eligible, such as having a positive economic impact for the Commonwealth and attracting at least 25 percent of guests from out of state. The rebate is based on sales tax generated by the tourism attraction.