Innovative Opening Solutions, a manufacturing company for doors and entrances, is eyeing a move to either Covington’s Latonia neighborhood or a location in Boone County. To incentivize the move, Covington commissioners are considering a 15-year industrial revenue bond.
“The proposed move would bring more than 50 new jobs to the City, represent an investment in a currently vacant big-box property in Latonia, and provide an estimated $10-to-$1 return on investment for the city,” Economic Development Director John Sadowsky said in an email.
Innovative Opening Solutions is considering purchasing 4293 Winston Ave, which is on a road in dire conditions Covington officials recently expressed frustration over.
“Myself and my fellow elected members have been pushing on the state to get this done,” Mayor Ron Washington said at a caucus meeting in August. “We understand what our community, our neighborhoods are going through out there and falling into potholes.”
Covington cannot fix the street itself, and Washington said he is in communications with the Kentucky Transportation Cabinet.
Even so, the economic development department is in support of the industrial revenue bond, which would allow the city to issue a bond to Innovative Opening Solutions with no taxes for the next 15 years.
“Continued business development along Winston Avenue also reinforces the corridor’s role as a primary route for commerce and highlights the importance of continued investment,” Sadowsky said. “Business growth is also among the factors considered by state and federal transportation planners when evaluating future road maintenance and rehabilitation needs.”
While the total of the bond is not made public yet, Sadowsky’s proposal estimates the purchase and renovations could total around $6 million.
The move is estimated to generate 57 new jobs in Covington valued at $4.7 million in payroll taxes in three years. Commissioners are set to finalize a vote at the next legislative meeting Sept. 22.
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