State panel approves funding for Newport hotel

FRANKFORT, Ky. (AP) -- A state panel has approved more than $8.5 million in state tax incentives for a Newport hotel and a Frankfort distillery.

The Kentucky Tourism Development Authority approved $8 million in incentives for a planned $33 million, 150-room hotel in Newport. The hotel is planned to sit next to Newport on the Levee, a retail and entertainment center near Cincinnati. About $550,000 will go to a 6,000 square-foot expansion of the visitor center at the Buffalo Trace Distillery in Frankfort.

Each project must be open to the public more than 100 days per year and attract at least 25 percent of visitors from out of state to receive the incentives, which are based on estimated sales taxes generated over 10 years.

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