City of Covington Agenda Packet 2026-06-09
Covington To Sell 438 Scott For Office Redevelopment
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Description
The City of Covington Board of Commissioners is set to approve a disposition and development agreement with Milburn Swindeman Development LLC for the sale and redevelopment of 438 Scott Street into office space. The developer will pay $1,450,000 plus monthly carrying costs at cash closing and must complete rehabilitation within 12 months to support job retention and creation.
Contract Details
Contract Amount
$1,450,000 plus carrying costs of approximately $2,250 per month from April 28, 2026 until closing
Vendor
MILBURN SWINDEMAN DEVELOPMENT LLC
Agency
City of Covington, KY
Contract Type
FACILITIES
Document Date
June 6, 2026
Contract Term
Closing anticipated within 30 days of Board of Commissioners approval; development to be completed within 12 months of execution
Renewal Info
Single real estate disposition and development agreement with no routine renewal; includes milestones, right of entry, repurchase option effective for five years, and conditions tied to completion within 12 months of execution.
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