The Carol Ann and Ralph V. Haile, Jr. Foundation, a nonprofit that has funded various civic, cultural and education initiatives around Northern Kentucky and Greater Cincinnati, including BLINK, is considering moving from its current Cincinnati location to Covington.
Although the foundation hasn’t made any final decisions yet, “we’re considering it strongly,” said Bernie McKay, president and CEO of the foundation.
The city announced a proposed development incentive for the foundation at the city commission meeting on Tuesday. The foundation’s lease for its current Cincinnati office is set to expire, and the foundation is considering whether or not to renew its lease or move to a new location.
The property they’re interested in is located at 608 through 610 Madison Avenue, near the intersection of Pike Street and Madison Avenue, which the city has dubbed Ralph Haile Square, after the foundation’s namesake. The space is currently occupied by a US Bank branch.
The city’s development incentive, which the commission placed on the consent agenda for next week’s meeting, would grant the foundation a 1% payroll tax reimbursement for new jobs it brings to Covington over five years. A non-incentivized five-year retention period would follow.
The city stands to gain about $147,000 in new taxes over a 10-year period after reimbursements if the commission votes to grant the incentive next week.
The property on Madison would better serve the foundation’s office needs, McKay said. If they decide to move to the Madison property, the foundation’s staff would move in around Labor Day, McKay said.
You can learn more about The Carol Ann and Ralph V. Haile, Jr. Foundation at hailefoundation.org.