Property transfer issue stops $18 million incentive to Noah’s Ark site

Published on : Saturday, July 22, 2017

Property transfer issueAn incentive agreement with value of up to $18 million has been temporarily withdrawn by the Kentucky Tourism Arts and Heritage Cabinet along with Noah’s Ark-themed attraction in Grant County. This was done because the park moved its main property in the hands of a non-profit affiliate.

 
If we look at the cabinet letter of July 18th, James Parsons, the Ark Encounter attorney explained that the recent fiasco of Ark Park has violated the state agreement in terms of repayment of a portion of sales tax gathered at the site, which came into existence in July 2016 with a large-scale replica of Noah’s Ark.

 
On June 28th, the Herald-Leader reported that Ark Encounter shifted approximately $48 million to Crosswater Canyon, a non-profit entity which is associated with the Creation Museum in Petersburg as well.

 
Answers in Genesis, the group behind the Ark Encounter and the Creation Museum, expressed doubt about the transfer of the property “created a default.”

 
To quote Genesis co-founder Mark Looy in a statement, “comply with concerns that the Tourism Department may have related to the transfer.” Also, the letter from B. Leigh Powers, Tourism general counsel said the ark had created many infringement of the state agreement, wherein it failed to inform the agency about any modification in ownership or receive prior written approval of transfer assets.

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