Wednesday, January 12, 2000
City could sell downtown lot
BY CINDY SCHROEDER
The Cincinnati Enquirer
COVINGTON — A city-owned, downtown corner could be sold to a developer who wants to provide office and parking space for the Internal Revenue Service, provided the two parties can reach an acceptable development agreement, Covington officials said Tuesday.
It was not known late Tuesday whether Corbin-based, Midwest Properties would get control of a lot at Third Street and Madison Avenue or risk losing its
lease agreement with the General Services Administration (GSA) for the IRS project.
A letter that Midwest Properties will receive today states the city's intention to sell the lot at its fair market value for office development. However, any sale is subject to factors such as market conditions, the developer's meeting applicable building and zoning codes and the city's approving the design and layout of the project, said Covington Solicitor Joe Condit.
“We must negotiate a development agreement that's satisfactory to the city,” Mr. Condit said, adding the letter makes “no legal commitment on the city's part.”
On Dec. 17, the GSA, which acts as a landlord for federal agencies, agreed to lease 211 parking spaces and 27,140 square feet of office space of a development to be built at Third Street and Madison Avenue.
On Monday, the governing body of the adjacent Trinity Episcopal Church rejected Midwest Properties' request for air rights to two or three feet on the north end of the church's parking lot. However, the church property is not essential to the expansion, said Vincent Hoover, a managing partner of Midwest Properties.
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