Newport, Bellevue Housing Developments Move Forward
Two large housing developments in Campbell County took significant steps forward in recent days as Bellevue city council and Newport city commission approved the issuance of bonds to support them.
In Bellevue, council approved the issuance of industrial revenue bonds (IRB) on behalf of Neyer Properties, which is set to construct 74 single-family homes on Covert Run Pike on land currently occupied by a fading mobile home park.
"The mobile home park has been a problem for the city for a long time," City Administrator Frank Warnock said. "We devoted a lot of city resources making runs up there, and now we're moving in a different direction."
As of last Wednesday, there were about six occupied mobile homes remaining on the site, Warnock said.
The estimated value of the property and homes when finished would be about $32 million, he said, with home prices ranging from $250,000 to $350,000, and then closer to $600,000 for some of the higher-end ones.
Neyer is working with Sanitation District 1 to create storm water retention on the site, though the city has not agreed to put any money into that aspect.
With IRB, municipalities are not responsible for the debt, they simply serve as a conduit for developers to gain access to funds.
The project comes with a payment in lieu of taxes (PILOT) consideration which will last for 25 years.
"There will be less paid on the front end and more on the back end," Warnock explained about city revenue from the project.
The River City News first reported on the project in October, and more can be read here.
Meanwhile, in Newport, a new housing development expected to be showcased as part of the prestigious Citirama event in 2021, was also the beneficiary of IRB issuance approved by the city commission Monday.
There will be more than fifty homes constructed on 13th and 14th streets in the city's Clifton neighborhood.
"It's the first time they have been on this side of the river, so I think it will be a great development for us," City Manager Tom Fromme said, noting Citirama's first Northern Kentucky show.
The event, produced by local home builders associations, showcases single-family homes each year in one part of the city.
Developer A.J. Acjermann brought the project to the city. He expects construction on the Citirama single-family homes to be completed by next September. "I have been meeting with individual builders over the past four weeks to arrange for those builders to participate in the show," Ackermann said.
He said that there would be seven houses as part of the show.
Additionally, there will be a series of townhouses constructed later, with fifteen to twenty completed each year until the project is full, he said.
The developer, the city, and the state are evaluating traffic flows and concerns.
The project will also include a series of retaining walls that will be constructed first.
The River City News first reported on this project in July, and more can be read here.
-Michael Monks, editor & publisher