FACILITIESAPPROVED

City of Covington Invoice 3151096 2026-05-27

City Signs Development Agreement With Milburn Group

$1,450,000 plus estimated carrying costs of $2,250 per month from April 28, 2026 until closingCity of CovingtonMILBURN GROUP LLCMay 27, 2026

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Description

The City of Covington entered into a Disposition and Development Agreement with The Milburn Group LLC for the sale and redevelopment of 438–440 Scott Street. The developer will pay $1,450,000 plus carrying costs and must complete the project within 12 months, while the City retains audit, enforcement, and repurchase rights over a five‑year period.

Contract Details

Contract Amount

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

Vendor

MILBURN GROUP LLC

Agency

City of Covington, KY

Contract Type

FACILITIES

Document Date

May 27, 2026

Contract Term

Agreement effective upon execution; Closing within 30 days of execution; project completion (milestone date) within 12 months of execution; City repurchase option effective for 5 years from Effective Date; parking arrangement for 8 years from Closing

Renewal Date

2031-04-28

Renewal Info

Agreement term runs from Effective Date until either City exercises its Right of Entry or the City certifies project completion; City holds an exclusive repurchase option for five years from the Effective Date that runs with the land and is subordinated only to specified institutional first mortgages. Parking rights in the City Center Garage are granted at a fixed rate for eight years, after which renewal is possible at market rates subject to availability.