LEXINGTON, Ky. — The Kentucky Tourism Development Finance Authority will meet Wednesday, April 15, at 1:30 p.m. Eastern, according to an announcement from the state Tourism, Arts & Heritage Cabinet.

The authority meets monthly to review incentive applications for tourism development projects across Kentucky. The meetings typically occur on the third Wednesday of each month at the Tourism, Arts and Heritage Cabinet offices in Frankfort.

The Kentucky Tourism Development Finance Authority oversees the Kentucky Tourism Development Act, an incentive program designed to encourage the development, expansion or renovation of tourism projects throughout the Commonwealth. Eligible projects can recover up to 25 percent of approved development costs over a 10 year term through the recovery of sales tax generated by the project, with some projects eligible for higher percentages over longer periods.

Since its inception in 1996, the program has led to notable projects including the Newport Aquarium, 4th Street Live, the expansion of Kentucky Kingdom, new horse racing tracks and improvements at existing facilities, full-service hotels as well as the renovation of historic buildings into boutique hotels and visitor experiences at both major and craft distilleries.

With preliminary approval from the authority, the Tourism, Arts and Heritage Cabinet's independent consultant conducts an in-depth study to ensure the project meets the requirements of the Act. Upon final approval, an agreement is signed by the applicant and the Commonwealth allowing the company to recover the sales tax generated on-site once operational.