City to Revoke Economic Development Deal on Pike, Use Eminent Domain on Highway Avenue
“A loan approved by the City of Covington nearly a year ago will be taken back after the project failed to get started.
The long-vacant building at 12-14 West Pike Street (pictured above), two doors east of City Hall, was to be developed to include a commercial space on the first floor and and four residential units spread across the three floors.
The project received an $80,000 forgivable loan through the Covington Economic Development Program, established in March of 2013. On Tuesday, the Covington City Commission will vote to repeal the loan after the project stalled, unable to secure private financing, according to the commission agenda.
The $80,000 will be made available for other projects through the fund.
The building sits near a cluster of others that have undergone or are undergoing redevelopment, including the Mutual Building, City Hall, and 2 West Pike where Covington Arts will soon move.”
RIver City News 22 September 2014.