The City of Covington’s plans to see a redevelopment of the former Internal Revenue Service site near the riverfront will be considered this week at the Kentucky Economic Development Finance Authority (KEDFA).
The city is hoping to create a tax increment finance (TIF) district at the site, which it fully acquired ownership of in August.
The 23-acre site was the subject of community discussion and a consulting firm’s exploration for what should come of it.Â
With a TIF in place, the city would be able to be reimbursed for its forthcoming demolition, environmental, and other site work.
If the plan receives preliminary approval next week, the state will send one of three independent consulting firms to analyze the project.
The city will provide data for the consultant to use and will be engaged during the process, according to state documents.Â
The IRS facility was fully closed in 2019.
The city now hopes to restore the former street grid, and see a developer or developers bring in approximately 200,000 square feet of office space, 177 new hotel rooms, 87,800 sq. ft. of retail space, 348 residential units, a 111,000 sq. ft. expansion of the adjacent Northern Kentucky Convention Center, and other infrastructure improvements.
The city anticipates that the site will require more than $80 million in public infrastructure costs.
The city commission will discuss the project at its meeting on Tuesday night. KEDFA meets on Thursday.
Also on Tuesday night’s commission caucus meeting agenda are five smaller business incentives for approval: a facade improvement incentive or B Squared Partners, and four rent subsidy awards for the Annex by Greenline Salone, Cloverleaf Me, Modelfit, and Aim Nutrition.
Hub + Weber Architects is expected to be awarded the contract to design the new public works building.
-Michael Monks, editor & publisher
