FRANKFORT, Ky. — The Kentucky Tourism Development Finance Authority will hold its monthly meeting on May 20, according to an announcement from the Kentucky Tourism, Arts and Heritage Cabinet.

The authority meets monthly at 1:30 p.m. Eastern on the third Wednesday of each month at 500 Mero Street, Fifth Floor, in Frankfort. The meeting will also be available to the public via video conference. Those interested in attending virtually can join by using the provided Zoom link with passcode 502 205.

The Kentucky Tourism Development Finance Authority reviews and approves incentive applications under the Kentucky Tourism Development Act, a program designed to encourage tourism project development throughout the state. 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 qualifying for higher recovery rates.

Since its inception in 1996, the program has supported 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 and the renovation of historic buildings into boutique hotels and visitor experiences at both major and craft distilleries.

For more information about the Kentucky Tourism Development Act or the meeting, contact the Tourism, Arts and Heritage Cabinet.