Friday, November 5, 2004

Covington considers Lexus expansion bonds

By Mike Rutledge
Enquirer staff writer

COVINGTON - City commissioners are to meet briefly this afternoon to consider industrial revenue bonds for a $2.2 million expansion of the Lexus RiverCenter dealership below the Brent Spence Bridge.

The city late Thursday called a 5 p.m. special session.

"They're going to do another building, a body shop and all the things that you need," said Mayor Butch Callery. "It'll probably be just six or eight employees, but it'll be in addition to what they're doing now."

Callery said he expects commissioners to approve an inducement contract with Third Street LLC involving the bonds for the dealership, which opened in 2002.

Kenton County and Covington Independent Schools will receive payments in lieu of taxes, but those amounts have not been negotiated, Callery said.

"This will be a bond issue, so there won't be any real estate taxes involved. But we'll make sure everybody is fairly treated, the county, the school board and the city," he said.

He said decision could not wait until Tuesday's regular session, "because they needed it actually before the end of this week."

"It's been a tremendous boon to the city. Just the payroll tax, plus the prestige of having a Lexus dealership here in Covington," he said. "You can't put a price on that."

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