Churchill Downs to Keep Some Tax Revenue
Updated: Wednesday, June 12, 2002 8:17 AM
Posted: Wednesday, June 12, 2002 8:17 AM
Churchill Downs will become a special taxing district under an ordinance approved by the Louisville Board of Aldermen, and as such will retain 80% of tax revenue generated by its capital improvement plan.
The Louisville Courier-Journal reported June 12 that the special district includes the track's barn area and all parking lots. The district includes the Kentucky Derby Museum, but that revenue will not go to Churchill Downs.
Mike Miller, senior vice president of finance for Churchill Downs, said the track will retain up to $250,000 under the special district designation. The $27-million expansion project now under way will generate new revenue from sales taxes on corporate suites, concessions, and other things.
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