CBC Blog

Do We Need a Covington BID?

Posted: June 18, 2019

 

Do we need a Covington BID? 

Our downtown has hundreds of businesses - but no coordinated voice to speak up for their interests, listen to their complaints, or promote downtown as a whole.

Last year, the Covington Business Council (CBC) contracted with an outside firm that held focus groups with key business leaders and owners. We listened carefully to their wants and needs. It turns out that beautification, marketing, promotion, and wayfinding (better navigation within the city) top the wish list.

But, these enhanced services cost money and they are not considered essential services covered under the City.  The CBC has already spearheaded a beautification program on Madison Avenue to plant and care for planters, pick up litter, and remove graffiti. We also currently pay monthly energy bills for extra lighting under Clay Wade Bailey Bridge to provide a safer environment.  However, funds are very limited and services cannot be expanded.

As a result, the CBC supports the creation of the Covington business improvement district (BID).

What is a BID?

Whether you own a business, a commercial property, or a home in Covington, a Covington BID would have a positive impact on you. 

A BID is a geographic area where property owners pay an assessment for services and programs beyond what their city already provides - with the goal of increasing economic activity. Nationwide over 1,500 business improvement districts have been created, including districts in Cincinnati, Lexington, and Louisville.

A Covington BID would provide much-needed resources for a safer business district, beautification, capital improvements, business development, and marketing – exactly what our local businesses want and need. It would also establish a reliable source of funding for five full years. 

Who Pays for a Covington BID?

In the proposed Covington BID, only commercial property owners identified by the property valuation administrator (PVA), would pay 0.1 percent ($0.10 per $100). For example, if the PVA values a property at $100,000, the assessment is $100 per year.   Properties identified as residential or owned by government or nonprofit corporations will NOT be assessed.  

Your Response is Needed

All property owners in the Covington district were recently mailed petitions and information about the Covington BID. Under Kentucky law, a majority of all property owners and majority of assessed value in the proposed district must sign a petition requesting the creation of a BID. Once the requisite signatures are obtained, the petitions are filed with the city’s legislative body. The City Commissioners in Covington will need to approve the ordinance creating the BID. As of June 14th, the CBC has already received 89 signed petitions from the commercial property owners, those  willing to pay for it and recognize the value.

Follow These Three Easy Steps

1. When you receive your Covington BID petition in the mail, please don’t just toss it. Read it! (If you haven’t received it, please email me asap - pfrew@cbcky.com) 

2. Go to www.covnow.org, which has a very cool interactive map and is an excellent resource for the Covington BID. 

3. Sign and mail your petition to The Covington Business Council, 50 E. RiverCenter Blvd, Suite 160, Covington, KY 41011. 

Remember, whether you own a business, a commercial property, or a home in Covington, a Covington BID will have a positive impact on you!  If you have questions or comments, feel free to call me at 859-431-1500 or via email,  pfrew@cbcky.com.

 

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5 Reasons Businesses are Moving to Covington, Kentucky

Posted: April 25, 2019

 

Shopping for your ideal business location can be exciting, challenging and wearisome.  Of course, a business needs to be profitable, but what about exposure, talent retention and support?  As new investments continue, we've identified 5 reasons why businesses are moving to Covington, KY. 

1.  Location, location, location – We can’t say it enough!  No one wants to spend their day driving multiple hours to/from work.  Covington is centrally located in the tri-state.  It’s close proximity to the Cincinnati/Northern Kentucky International Airport gives you access to anyone/anywhere. Five universities are within 10 miles and Gateway Community College is located in the business district in Covington. Look no further for the next talent pool.

 2.  Access- Business meetings take place at restaurants. Friends and co-workers meet for lunch and after hours. Covington has a variety of hotels, restaurants, entertainment options, and let’s not forget, the NKY Convention Center.  In addition, there's an abundance of community events and most important, it’s all walkable!  When CTI Clinical Trial & Consulting was looking to relocate their headquarters, they polled current employees and determined that center city was critical.  CTI's CEO Tim Schroder was quoted in the Northern Kentucky Tribune,  "We are looking forward to quickly becoming integrated into the community and making CTI a well-known and well-respected partner." 

3.  Urban Community –    Perhaps RoadiD said it best!   The company was outgrowing their headquarters and shopping for a new location. We wanted to take the opportunity to find that perfect place. We desired to move away from an industrial park setting and into an urban community environment. We also wanted a building that not only gives us more space, but has character and charm. Someplace that enhances who we are…  After a lot of searching and some serendipitous events, we found it - a historical building in the heart of Covington, KY.”

4.  City of Covington - The City wants your business to grow and thrive!  The city offers several incentives to grow your workforce, keep operating costs low and renovate commercial space.  View the details at https://www.covingtonky.gov/business/opportunities/incentives 

5.  Business Support and Advocacy – If you are looking to develop business connections with other leaders and influencers, invest in the Covington Business Council!   We offer over 100 events a year to foster those essential business to business relationships. Contact CBC Executive Director Pat Frew at 859-431-1500x1 or pfrew@cbcky.com for additional information.

 

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