Tuesday, June 22, 1999

Corporex project financing gets OK




BY RAY SCHAEFER
Enquirer Contributor

        COVINGTON — City commission approved in a 15-minute special meeting Monday requests by Corporex Cos. Inc. to refinance two office buildings and seek permanent financing for a third project.

        The requests involved refinancing the RiverCenter I and II office complexes Corporex built and 100 Madison Place, a $34 million office and condominium tower proposed for RiverCenter Boulevard, just west of the new Marriott Hotel.

        City Solicitor Joe Condit said Corporex needed the city's approval for all three requests because the city owns the land. He said the city is not financially liable.

        Corporex plans to build 100 Madison Place atop a city-operated garage. It calls for 290,000 square feet of space on 11 floors, plus four floors of condominiums.

        Carolyn VanBuskirk, who lives in the 500 block of Madison Avenue, said the city should not consider allowing sexually oriented businesses on Madison between Fourth and Fifth streets — just blocks from RiverCenter Boulevard — at the same time they are talking about offices and condos.

        “Do you really want sexual oriented businesses in this area where new businesses are now located and future businesses (are) coming in, and all the employees these businesses have and will have?” Ms. VanBuskirk said.

        Commissioner Jerry Bamberger said nothing has been done yet concerning sexually oriented businesses.

        “That's not an issue,” he said. “The staff is just looking at the feasibility of this. We haven't even discussed it as a commission. There's no story because there's nothing there.”

        The city also learned it has received a $200,000 U.S. Environmental Protection Agency grant to assess properties that have been contaminated or otherwise not utilized.

        The city would use the money to look at two areas: the abandoned Donaldson Art Sign property on Donaldson Avenue and the West Riverfront redevelopment area, from the city garage west to the Clay Wade Bailey Bridge.

       



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