The group met the state's deadline last week to submit a proposal for the abandoned park.
Plans are for the group to make a 120-million dollar investment which would eventually restore all but one of the existing rides there.
Organizers hope to add new rides and double the size of the water park.
Kentucky Kingdom closed in February of 2010. The Koch family, which owns Holiday World and Splashin' Safari, had planned to reopen the park as "Bluegrass Boardwalk", but that plan fell through earlier this year.