Floyd County racetrack bonds payoff clears another hurdle for Corbin track

One of the sticking points in the dispute over the racing license for the proposed quarter horse racetrack in Corbin has been resolved.

According to the Lexington Herald-Leader, a $2.2 million bond on the defunct harness racing track in Floyd County has been paid in full.

The payment reportedly was made by Appalachian Racing Inc., the owner of the Thunder Ridge facility.

The bond, issued in the early 1990s to fund the construction of the facility, had been underwritten by Floyd County.

When Keeneland officials announced plans to build the facility, initially known as Thunder Gap, in Corbin in 2014, the plan called for it to purchase the racing license currently held by Appalachaian Racing. As a condition of the deal, Keeneland would assume responsibility for the bond debt.

The Kentucky Horse Racing Commission has issued eight racing licenses to facilities across the state.

However, upon discovering the existence of an unissued ninth license, Keeneland officials applied to the commission for that license, changing the name of the proposed Corbin facility to, “Cumberland Run.”

With Floyd County potentially liable for the bond debt, a lawsuit was filed to force Keeneland to purchase the Floyd County license.

Floyd County officials noted that if the county were held liable for the debt, it would be bankrupt.

The case moved to the Kentucky Court of Appeals in 2016 and is currently in the hands of the Kentucky Supreme Court.

Corbin Economic Development Director Bruce Carpenter said in January that the $50 million project, to be built on 149 acres of property off of the Corbin bypass between Allison and Buchanan Blvd. is still moving forward.

Ground was to have been broken in fall 2014 with the goal of opening the facility in 2016.

However, numerous snags, including an infestation by a species of endanger bat, has delayed construction

An investment company named Willow Creek Farms, LLC has taken out all of the options to purchase the property.

The most current option was taken out in January and was set to expired June 30.

Keeneland officials have said the facility would include a track and grandstand, barns, a sales pavilion and ample area for simulcast betting and “instant racing” machines.

No date for the groundbreaking has yet been announced.