Covington Tax Increment Financing
Covington uses tax increment financing to offset eligible public infrastructure costs for office, mixed-use, residential, and rehabilitation projects in the downtown TIF district.
About this program
Covington's Tax Increment Financing program uses incremental increases in district-wide property and payroll tax revenue to help offset eligible public infrastructure cost barriers associated with development. The program may support office, mixed-use, residential new-construction, or rehabilitation developments located in the city's downtown TIF district. Assistance is evaluated through an application and approval process and is intended for projects that advance redevelopment and economic growth.
Eligibility
Developers, investors, businesses, and property owners with eligible office, mixed-use, residential, or rehabilitation projects in Covington's downtown TIF district may apply for TIF assistance.
Requirements
- Project must be located in Covington's eligible downtown TIF district.
- Project must involve office, mixed-use, residential new construction, or rehabilitation with eligible public infrastructure cost barriers.
- Applicant must provide project scope, location, budget, financing, infrastructure costs, tax increment projections, and public benefit information.