Covington Vacant Property Incentive
Covington pledges a portion of payroll tax from new tenants to developers who convert vacant historic buildings into commercial space.
About this program
The Covington Vacant Property Incentive encourages developers and real estate investors to convert vacant, historic buildings into move-in ready commercial office or retail space. In return, the city can pledge 50 percent of payroll tax from a new tenant attracted to Covington by the developer for five years, or 25 percent for an existing Covington tenant. The incentive is intended to remove barriers to reuse of vacant historic buildings and expand the city's commercial inventory.
Eligibility
Developers, property owners, and real estate investors with qualifying vacant historic commercial properties in Covington may apply when they are creating move-in ready office or retail space for future tenants.
Requirements
- Project must involve an eligible vacant, historic building in Covington.
- Project must convert the property into move-in ready commercial space for office or retail tenants.
- Applicant must attract or retain an eligible tenant whose payroll tax can support the incentive.