WKU Public Radio News Staff
Mon January 6, 2014
Report: Noah's Ark Theme Park Planned for Kentucky Faces Bond Crunch
A Noah’s Ark biblical theme park planned for northern Kentucky could collapse without more bond buyers. Bloomberg News reports about $29 million in unrated municipal bonds need to be purchased by February 6 in order to make the park a reality.
An email sent to supporters by the head of the Christian non-profit group Answers in Genesis said that construction funding will fall short unless the proceeds are found.
The same group behind the northern Kentucky Creation Museum is hoping to build the Ark Encounter theme park, complete with a 510-foot wooden ark.
Bloomberg says industrial-development bonds are considered the riskiest municipal debt because they lead to the highest proportion of defaults in the municipal market.