Property owners who rehabilitate vacant property for commercial reuse are eligible to apply for a reimbursement of a portion of the payroll taxes generated by businesses locating in the completed project. The property must have been vacant for the previous 36 months and be at least 50 years old.

Designed to: Spur investment in vacant and dilapidated properties.

How it Works: Reimbursement of a portion of the city payroll taxes generated by employees locating in newly-rehabbed, previously vacant properties.

Who is Eligible: Property owners who rehabilitate vacant property for commercial use.

Benefit: 50% of the city’s payroll tax from new Covington employees and 25% of the payroll tax from existing Covington employees who will be located in the property, is paid annually to the property owner for 5 years.

Requirements:

• Property must be vacant for 36 months prior to application
• Applies only to buildings documented to be at least 50 years old
• Application must be approved by the City of Covington
• Owner must submit reimbursement request annually by April 15th

Click here to download the application.