Tourism, Arts and Heritage Cabinet
Tourism Development Finance Authority Approves Incentive for Woodford Reserve Project
FRANKFORT, Ky. – The Kentucky Tourism Development Finance Authority today approved incentives for a $1.63 million renovation and expansion of the visitor center at Woodford Reserve Distillery in Woodford County.
The project includes a remodeling of the current 7,500-square-foot visitor center, expanded catering and an upgraded retail space.
The distillery, owned by Brown-Forman in Louisville, is part of the Kentucky Bourbon Trail.
A report on the distillery’s application found that it met the requirements necessary to receive incentives. This included an expenditure of more than $1 million, 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 company is eligible for up to $407,000 in incentives over a 10-year period. The incentives are in the form of a rebate based on sales tax generated by the tourism attraction.
The authority agreed with the findings of the report, compiled by Hunden Strategic Partners.
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.