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Red River Economic Development (RRED) anticipates the planned “destination resort” to win a minimum of $59,700,000 in public tax incentives at the local, state, and federal level to offset costs of the project. None of the below incentives are to any public projects, these are all incentives for the proposed privately-owned resort.
These $59 million in incentives are expected to take a number of forms. Click on each link below for a more in-depth breakdown of the incentives:
$5 million as direct funds from the state of Kentucky
$20 million from New Market Tax Credits (NMTC), from the federal and state level
$17.4 million in future tax rebates from the Kentucky Tourism Development Act (TDA)
$13 million in tax future tax withholding/rebates from Local Tax Increment Funding (TIF)
$4 million in loans from the Kentucky Infrastructure Authority (KIA)
$0.3 million in sales tax refunds from the Kentucky Enterprise Initiative (KEIA)
An estimated $18.6 is anticipated to cover infrastructure improvements to the surrounding area necessary for the project to move ahead. The remaining incentives are to be applied as to on-site infrastructure and construction.
We will only contact you with important reasons and timely information, and will never sell your data.