COVINGTON, KY – A major new business will be locating in Covington in a renovated building at Eighth and Washington streets near the Duveneck development.
On Tuesday evening, the Board of Commissioners authorized an economic development incentive agreement with Road ID, creating additional revenue and employment opportunities within Covington.
The economic development incentives featured within the agreement include payroll reimbursement, property tax moratorium and gap financing over a 10-year term.
Road ID Owner Edward Wimmer stated, “As we conducted our search for a new headquarters, we were immediately drawn to the energy and excitement that is alive in Covington.
“The City, its leadership and its Business Development Division were amazing to work with as we sought to make Covington our new home. We are thrilled about the opportunity to be part of the continued economic and community development in this flourishing city.”
Located on 35 W. Eighth Street, Road ID has invested $2 million in renovations to repair and restore the historic property within the Madison Avenue corridor, equating to a total investment of $4 million.
Interim City Manager Loren Wolff stated, “Road ID’s operations are a great fit for the space. The company will transform an underutilized building in our urban core into a thriving office headquarters space.
“Additionally, Road ID will complement Phase I of Duveneck Square, the $18 million mixed-use development currently under construction next door, providing the City with a long-term revenue source. This is truly a win-win for both entities and we are excited to welcome Road ID to Covington.”
Specific benefits for the City include the relocation of 42 Road ID employees to Covington, the creation of 30-plus new jobs over the next five years, increases in net new revenue to the City, restoration of a vacant historic property, and an additional impact on Covington urban living options and the local retail economy.
Geared towards outdoor enthusiasts and athletes, Road ID is a local Northern Kentucky family owned business that has been manufacturing custom identification equipment since 1999.
The company creates identification products to help first responders identify people in case of an emergency.
The City offers business incentive opportunities to assist in filling commercial vacancies, improving property facades, and converting vacant upper-floor space into residential units.
Whether an applicant is a startup, existing business, or trying to attract new tenants, the City features these opportunities to help them thrive in Covington.
To learn more about the City’s business incentives, click here.