Tax Incentives for Hotel Covington Project to Be Considered in Frankfort
Another step for the $20 million Hotel Covington project will be taken in Frankfort on Wednesday.
Developers will appear before the Kentucky Tourism Development Finance Authority on Wednesday afternoon where they will seek final approval on more than $5 million in tax incentives.
Covington-based The Salyers Group is working with Chicago-based Aparium Hotel Group to transform the former Coppins Building, which most recently served as Covington City Hall, at 638 Madison Avenue into an upscale boutique hotel.
Demolition work has begun on the project which was first announced in a high profile press conference in the fall of 2012.
Gil Lawson with the Kentucky Tourism, Arts and Heritage Cabinet told The River City News on Monday that the developers are proposing to spend $20.3 million and if approved Wednesday, would be eligible for up to 25-percent of that in tax incentives, or a maximum of $5.075 million spread out over ten years.
The authority will hear a report on the proposal on Wednesday and then vote on the incentives.
In January, a proposed design for an indoor/outdoor seating area where the former Wedding Mall currently stands was rejected by a city board.