The Kentucky State Fair Board will meet Thursday afternoon  to consider a lease agreement for the now closed Kentucky Kingdom Amusement and Water Park.

Four members of the Koch family, connected to Holiday World in Santa Claus, Indiana, have formed a new company - Bluegrass Boardwalk, Incorporated - to negotiate the lease agreement with the fair board.

The company would also secure financing and apply for economic development incentives from the Commonwealth of Kentucky.

If the lease agreement is approved, it's expected the now defunct theme park can be reopened next year.