State Approves TIF for $112 Million Mixed-Use Development at NKU
The Kentucky Economic Development Finance Authority (KEDFA) approved on Thursday a tax increment finance (TIF) district plan as part of a forthcoming development in Highland Heights at Northern Kentucky University.
The $112.6 million NKU Campus Gateway project is expected to include hotel and conference space, retail, office space, parking, green space, and to improve connectivity near the campus near the university's main entrance along U.S. 27. A medical office building also part of the project will be occupied by St. Elizabeth Healthcare and OrthoCincy.
The project, which is being developed by Ohio-based Fairmont Properties, was first announced in 2017.
KEDFA approved the TIF with a unanimous vote, according to documents provided by the state.
Public infrastructure for the project is expected to cost $23.1 million, of which $14.2 million will be eligible for a tax incentive from the state in the form of 40 percent recovery on withholding, sales, and property taxes.
Construction is expected to take place over the next two years.
-Michael Monks, editor & publisher