Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Covington approves up to $75 million in taxable bonds for industrial building project
Summary
The Covington Board of Commissioners unanimously authorized issuance of taxable industrial building revenue bonds not to exceed $75,000,000 to finance an industrial facility to be leased to CCR‑MN Investment Partners LLC, conditioned on compliance with a PILOT agreement.
The Covington Board of Commissioners on April 14 unanimously authorized the city to issue taxable industrial building revenue bonds in an aggregate principal amount not to exceed $75,000,000 to finance an industrial building project to be leased to CCR‑MN Investment Partners LLC and related parties.
The order (Commissioners’ Order No. ORD‑093‑2026) was read by Acting City Clerk Allyson Schaefer and approved on a motion by Commissioner James Toebbe, seconded by Commissioner Tim Acri. The board recorded a unanimous voice vote in favor (Acri, Downing, Smith, Toebbe, Washington).
The order authorizes the issuance of the bonds in one series and approves related documents including a lease agreement and a bond purchase agreement. The bond issuance is expressly conditioned on compliance with the terms of the city’s PILOT (payment‑in‑lieu‑of‑taxes) agreement, and the order authorizes execution of customary financing documents, certificates, and agreements necessary to close the financing.
The ordinance text in the minutes says bond proceeds will be used "to finance the acquisition, construction, installation, and improvements of an industrial building facility, or facilities," and contemplates standard lender protections such as a fee joinder to the mortgage. The board record does not specify the project site address, project timetable, or the lender providing financing; those details are conditioned on closing documents and the PILOT agreement.
Commissioner James Toebbe moved to approve ORD‑093‑2026; Commissioner Tim Acri seconded. Mayor Ronald L. Washington presided over the meeting. No commissioner voiced opposition. The record does not include public comment on the bond authorization.
Next steps in the minutes: the issuance is conditioned on compliance with the PILOT agreement and execution of the related documents authorized by the order. The minutes do not give an expected date for bond sale or closing, nor do they list the lender, bond counsel, or an estimated timetable for construction or lease commencement.
