Covington Industrial Revenue Bond
Covington can use industrial revenue bonds to support large-scale real estate developments that create investment, jobs, or tax base growth.
About this program
The Covington Industrial Revenue Bond program is an economic development tool used to provide upfront capital or property tax abatement-like support for large-scale real estate developments, generally $10 million or more. The program is intended for projects that help the city attract significant capital investment, create jobs, and increase the tax base. Projects are evaluated through formal guidelines and require city approval and bond-related documentation.
Eligibility
Developers and project sponsors with large-scale qualifying real estate developments in Covington may apply when the project has a funding gap and provides substantial city economic benefit.
Requirements
- Project must generally involve at least $10 million in real estate development investment.
- Project must help Covington attract significant capital investment, jobs, or tax base growth.
- Applicant must document the financing gap, project scope, investment, jobs, tax impact, and public benefit.