Description
The Kentucky Tourism Development Act (KTDA) was passed by the Kentucky legislature in 1996 for the development, renovation or expansion of tourism projects. The Kentucky Tourism Development Finance Authority (KTDFA) was created within the Tourism, Arts and Heritage Cabinet to administer the KTDA. The KTDA allows for qualifying projects to recover up to 25 percent of development costs over a 10 year term through the recovery of incremental sales tax generated by the development. The recovery increases to up to 50 percent of development costs over a 20 year term for certain types of projects.
Key aspects of the job include:
* Reviewing applications to determine if the proposed development is eligible for the incentives offered through this program
* Collecting and analyzing additional information and performing relevant statistical analysis to determine if the proposed tourism development project will attract the minimum required percent of out-of-state visitors, have costs in excess of the minimum amount required, have a net positive fiscal impact on the Commonwealth, produce sufficient revenues and public demand to be operating and open to the public for a minimum required number of days per year, and will not adversely affect existing employment in the Commonwealth
* Preparing an occupancy study to determine the percentage of rooms occupied by other lodging facilities with comparable accommodations
* Submitting a full, written report and presenting findings at a public meeting of the KTDFA