Thursday, February 03, 2000
State aid sought for Riverfront West
BY CINDY SCHROEDER
The Cincinnati Enquirer
COVINGTON — City officials hope to obtain about $12 million in state aid for the proposed Riverfront West project, with the help of a new economic impact study they will present during today'sNorthern Kentucky Day in Frankfort.
The study — released by the University of Cincinnati's Center for Economic Education — says the Riverfront West project would generate almost 10,000 permanent jobs and have an economic impact of more than $800 million in Kentucky.
The plan for the last undev eloped portion of Covington's riverfront would extend from the RiverCenter towers to the Clay Wade Bailey Bridge.
The $277 million Riverfront West development would include a public plaza, office towers, residential units, restaurants, entertainment venues and retail space, and an 1,800-space parking garage.
Of the total economic impact, there would be a one-time infusion of $399 million from construction, the study said. The project also would trigger $414 million each year from businesses within and outside the development, as well as from tourism, the study said.
Nearly 4,500 jobs would be tied to construction of the project, while Riverfront West would directly or indirectly support an additional 9,670 jobs, the study said.
“It's a slam-dunk as far as economic development is concerned,” Covington City Manager Greg Jarvis said.
The economic impact study on Riverfront West, as well as a video and renderings of the project, will be included in the “Seven Wonders of Northern Kentucky” exhibit tonight in Frankfort.
The exhibit showcases the Cincinnati/Northern Kentucky International Airport, post-secondary education, the New port Aquarium and Newport on the Levee, the Northern Kentucky Convention Center, the Ohio River, the World Peace Bell and the people of Northern Kentucky. It is designed to highlight the region's achievements and growth as Northern Kentucky leaders lobby for state dollars for various projects.
The state money that Covington officials are seeking would be used to help cover the $35 million to $40 million they estimate it would cost to buy and clear the 5 acres that Covington doesn't control, relocate businesses, cut a new opening in the floodwall and reconfigure it, and build a public plaza over the floodwall.
Covington officials have said they must get control of the site before they solicit development proposals. Mr. Jarvis said publicity about Riverfront West has generated queries from local developers, as well as from those outside the Tristate.
“This project would certainly complement and enhance all the other projects that are being planned for the riverfront — not only for the area next to the Newport Aquarium, but (also) in Bellevue and Dayton, Covington and Cincinnati,” said Gary Toebben, president of the Northern Kentucky Chamber of Commerce. “Without a doubt, what is happening on both sides of the river is exciting.”
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