FACILITIESAPPROVED

City of Covington Invoice 3151096 2026-05-27

Covington OKs 438 Scott Street Sale and Redevelopment

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

Trusted by teams at

Description

The Covington Board of Commissioners authorized the Mayor to execute a disposition and development agreement with Milburn Swindeman Development LLC for the purchase and redevelopment of 438 Scott Street. The deal includes a $1,450,000 purchase price plus monthly carrying costs and requires completion of the redevelopment within 12 months, with an associated eight‑year parking arrangement in the City Center Garage.

Contract Details

Contract Amount

$1,450,000 plus estimated carrying costs of $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

May 27, 2026

Contract Term

Closing within 30 days of full execution; development to be completed within 12 months of execution; parking arrangement for 8 years from Closing

Renewal Date

2027-04-28

Renewal Info

Development agreement sets a 12‑month project milestone date from execution and includes City rights of entry and repurchase options for up to five years if the developer defaults. Parking arrangement for up to 50 garage spaces is set at $50 per space per month for eight years from Closing, with possible continuation at market rates thereafter.

More from MILBURN SWINDEMAN DEVELOPMENT LLC