FACILITIESAPPROVED

City of Covington Agenda Packet 2026-06-09

City Conveys 438-440 Scott To Milburn Group For Redevelopment

$1,450,000 plus estimated carrying costs of approximately $2,250 per month from April 28, 2026 until closingCity of CovingtonMILBURN GROUP LLCJune 6, 2026

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Description

Covington is entering into a Disposition and Development Agreement with The Milburn Group, LLC to sell and redevelop 438-440 Scott Street. The developer will pay $1,450,000 plus carrying costs and complete the project within 12 months, with the City retaining a five-year repurchase option and providing access to discounted garage parking spaces.

Contract Details

Contract Amount

$1,450,000 plus estimated carrying costs of approximately $2,250 per month from April 28, 2026 until closing

Vendor

MILBURN GROUP LLC

Agency

City of Covington, KY

Contract Type

FACILITIES

Document Date

June 6, 2026

Contract Term

Project to be completed within twelve (12) months of execution of the agreement; repurchase option in favor of City effective for five (5) years from Effective Date

Renewal Info

No renewal; single-term development agreement. City holds a Repurchase Option for five years after the Effective Date and a right of entry for default, and an 8-year transferable parking license at $50 per space per month that may continue at market rate after expiration subject to availability.