Loads of Incentives Offered by Covington to Projects, Businesses
The Covington city commission offered generous incentives, grants, and loans to a variety of businesses and projects on Tuesday.
The Republic Bank building on the northwest corner of Madison Avenue and Sixth Street is the target of a $4.9 million renovation project by Covington Republic, LLC. The 27.000-sq. ft. building is being updated to accommodate multiple office tenants.
The city plans to offer a city tax increment finance (TIF) district loan at 3 percent interest and a $125,000 TIF forgivable loan to assist the project.
Gentis Solutions, an internet technology staffing firm is moving its headquarters to RiverCenter, and with the move from Pennsylvania will receive ten-year one-percent payroll tax incentive to match an incentive offered by the state.
The company is expected to create jobs locally over the next ten years.
Step CG, a Covington-based technology firm with twenty-five employees, also plans to add more jobs over the next three years. The company is moving into RiverCenter and will receive the same payroll tax incentives as Gentis.
Meanwhile, 908-910 Madison Avenue, home of Connetic Ventures, is getting a face lift. The city is awarding a $6,000 facade grant to assist in those efforts which are estimated to cost $17,882. ZH Holdings owns that property, as well as 906 Madison Avenue, which is also being improved at a cost of more than $10,000. The city awarded a $5,008 facade grant for the project.
Riverside Korean Restaurant at 512 Madison Avenue is also being improved. Owners are planning a $17,820 improvement and received a $6,000 facade grant.
Mugsy Development received a $6,000 facade grant to improve 331 Pike Street, to offset the $12,125 cost of the project.
721 Pike, LLC is also listed as doing an improvement project at 331 Pike Street at a cost of $14,677 and also received a $6,000 facade grant.
-Michael Monks, editor & publisher
Photo: Republic Bank building (RCN)