Wednesday, January 12, 2000
City OKs loans for renovations
Businesses to fill 3 vacant buildings
BY RAY SCHAEFER
Enquirer contributor
COVINGTON — The number of vacant Madison Avenue buildings will soon shrink by three.
City commissioners Tuesday approved loans totaling nearly $400,000 to renovate the structures in the 600 and 800 blocks of Madison. The money will be used as part of nearly $1.7 million in renovations.
The largest loan, not to exceed $250,000, goes to Donna Salyers' Fabulous-Furs, a company that makes and sells faux fur coats and other items. The other loan, about $140,000, will be used by Covington developer Glen Kukla.
Economic Development Director Ella Brown-Frye said the two loans are the latest of what she calls a flurry of business activity in Covington's downtown corridor over the last year. She said inquiries are coming from Cincinnati and elsewhere to both her office and the city's Web site (www.covingtonky.com), and she said there are two main reasons.
“I think (it's) the strong economy, No. 1, and the reasonable cost of acquiring real estate and doing business in Covington,” Ms. Frye said. “It's a team effort.”
According to Ms. Frye, Ms. Salyers plans to move her headquarters and warehouse facility at 20 W. Pike St., to 601 Madison Ave.
“She has a national clientele,” City Manager Greg Jarvis said.
The loan from the city is part of a plan to spend between $800,000 and $1.2 million to create 50 new jobs over the next five years.
A restaurant, bingo hall and the Covington Community Action offices will stay on Pike Street.
Ms. Salyers and her husband, James, previously renovated the old Woolworth building at Seventh and Madison into a banquet facility. Ms. Frye said they also plan to buy the old Spare Change Building next to city offices at the corner of Seventh and Madison.
Mr. Kukla plans to buy the structures at 806-808 Madison Ave., which have been vacant for more than 12 years, for $25,000. Ms. Frye said the loans are part of a $517,000 project that includes renovating two storefronts and building four apartments.
“These buildings are key buildings in the core of downtown,” Ms. Frye said. “Hopefully they will attract additional rehabbing.”
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