Several Covington restaurants, bars and small professional firms were tapped to receive critical financial help thanks to the city’s Small Business Incentive Program.
The program sets aside $150,000 each fiscal year to help new businesses pay rent and property owners restore the exteriors of their buildings. Covington distributes small business incentives each quarter of the fiscal year. The city approved $39,300 worth of incentives for this round.
Covington Business Retention Manager Patrick Duffy presented the incentive nominations to the city commission during a March 4 caucus meeting. After approval from the commission, the nominations were placed on the ‘consent agenda’ for the next legislative meeting on March 11.
“There were seven projects in the first round, and here in the third round, we’re presenting another seven projects, with the remaining funds being $71,300,” Duffy told the commission.
Since the program’s inception in 2017, the city has approved financial help for 155 small businesses.
Rent Subsidy
Covington’s rent subsidy incentive is designed to attract new businesses and help existing businesses expand. It offers financial assistance by reimbursing rent payments for up to half of the business’s monthly rent.
Carmelo’s Restaurant is a modern Italian-American restaurant on one of the most visible corners in Covington. Founded by restaurateurs Mitch Arens and Billy Grise, it serves traditional Italian cuisine and offers a diverse array of domestic and imported wines. Before Carmelo’s opened last fall, the storefront had sat vacant for 18 months.
- $6,000 rent subsidy to Carmelo’s at 434 Madison Avenue
- 10-year lease
- Adding approximately $1.2 million in payroll
- Neighborhood: Central Business District
Galaxie is a food, drink, and music venue in the previously vacant Acme Lock Building. It features a large dance floor and DJ stage for electronic dance music.
- $6,000 rent subsidy to Galaxie at 815 Madison Avenue
- 7-year lease
- Adding approximately $250,000 in payroll
- Neighborhood: Westside
Maverick Chocolate Company is a craft chocolate retailer. Maverick Chocolate recently moved its production facility to Prospect Avenue in east Covington.
- $6,000 rent subsidy to Maverick Chocolate at 623 Madison Avenue
- 5-year lease
- Added approximately $60,000 in payroll
- Neighborhood: Central Business District
- Veteran-owned business
Merriman Anderson Architects is a Dallas-based architecture firm specializing in interior design, master planning, and historic and adaptive reuse. The firm plans to relocate and hire several employees in the coming years.
- $6,000 rent subsidy to Merriman Anderson Architects at 11 E. 5th Street
- 3-year lease
- Added approximately $110,000 in payroll
- Neighborhood: Central Business District
Chris Grosser, a Merriman Anderson employee and native of Covington, told the commission that the firm is serious about expanding its presence in the city.
“After COVID and the state of the world had changed, I reached back out to them about starting a remote office here- a satellite office,” he said. “We just really thought it was a great opportunity to be able to grow with all of the adaptive reuse work that you guys (City of Covington) are doing, that Cincinnati is doing.”
N.E.T.’s Effect LLC provides consulting, event planning and accounting services to clients in Michigan, Ohio and Kentucky.
- $3,300 rent subsidy to N.E.T.’s Effect LLC at 409 W. 6th Street
- 2-year lease
- Added approximately $75,000 in payroll
- Neighborhood: Mainstrasse
- Woman and minority-owned business
West Sixth Brewing Covington Haus is a craft brew taproom located on the first floor of the historic Covington Firehouse Number One.
- $3,300 rent subsidy to West Sixth Brewing at 100 W. 6th Street
- 2-year lease
- Neighborhood: Mutter Gottes
Facade Improvement
Covington’s façade improvement incentive offers commercial property owners a 50% matching forgivable loan of up to $6,000 to update their building’s façade. This helps property owners update lighting, windows, painting, signage, and other exterior building improvements visible from the street.
Pike Street Lofts
The developer will repair and repaint the building’s exterior masonry according to the city’s historical preservation guidelines. The project is expected to cost $18,600.
- $6,000 to Pike Street Lofts at 120-130 W. Pike St.
- Neighborhood: Mutter Gottes
