Covington is considering a partnership with Cincinnati-based company Rhine Civic Partners to advise on the remaining private development at the Covington Central Riverfront Site, also known as CCR.
If the deal is approved, the company would specifically advise the city on real estate development, developer selection, negotiation, proposal requests and “long-term market success,” according to contract documents.
The proposed contract is on the consent agenda for next week’s legislative meeting, so it will likely pass.
Besides advising on private development, Rhine Civic Partners offers consulting services in development investment fund management, neighborhood revitalization and public-private partnerships, among other services.
The contract proposal states that Rhine Civic Partners would advise the city on land use, help review project proposals, analyze project economics and potential return on investment, advise on development incentives and assist in negotiations.
Contract documents also indicate Rhine Civic Partners would advise on the new garage for the site, which is slated for groundbreaking sometime before the end of the year. This includes advising on site design, maintenance considerations, financing, development planning and revenue structures for parking fees.
Rhine Civic Partners Co-founder Adam Gelter is a former VP at 3CDC, where he headed up that organization’s real estate efforts. Co-founder Steve Smith is also a principal at Model Group, a real estate developer across the river.
“These two really understand public-private partnerships and what we’re trying to do here,” said Covington Economic Development Director John Sadosky.
LINK nky has reached out to Rhine Civic Partners for comment.
Rhine Civic Partners would charge a $15,000 monthly service retainer if the contract is approved. The contract would be up for renewal after a year, and Rhine Civic Partners could charge an additional $7,500 retainer for up to two other projects if the city decides to go that route. Sadosky said the total annual cost to work with the company would be $180,000, paid from the city’s Tax Increment Financing fund. The city could cancel the contract at any time with 30 days’ notice, Sadosky said.
You can check out our recent coverage of the Covington Central Riverfront project below:
