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4th Project Wins TIF Funds for ‘Elevated’ Dining Experience

Covington, Ky. – The Covington Board of Commissioners has provided financial support to a seamstress, an AI startup, and a longstanding local supply company located in different areas of Covington. Through the City’s Small Business Program, the Commission approved one fa├ºade improvement and two rent subsidy incentives, aiming to assist fledgling businesses and upgrade commercial properties.

The Small Business Program allocates $150,000 annually in three areas, providing first-year rent support for new businesses and helping commercial property owners enhance their exteriors or restore historic electric business signs. These incentives were awarded during the program’s first round of funding this fiscal year.

Tuesday night, the following awards were presented:

The Gardening Seamstress: Revitalizing Bridal Alterations

The Gardening Seamstress, a woman-owned business specializing in bridal alterations, received $5,400. The business, relocating from Cincinnati to Ritte’s Corner in Latonia, aligns with the City’s target sector of “Experiencing Covington.” The funding will assist in the transition and expansion of their services within Covington.

Flamel.AI, Inc.: Innovative AI Start-up

Flamel.AI, Inc., a high-growth startup, was granted $6,000. This emerging business, located at 615 Madison Ave., is expected to contribute at least $600,000 in new payroll. It aligns with the City’s target sector of “All Things Office.” The assistance provided will support their continued growth and development.

JH Fedders Inc.: Enhancing the Local Supply Business

JH Fedders Inc., a well-established business with 140 years of history, received $6,000. Located at 1550 Russell St., the company specializes in supplying products for animals, lawns, gardens, pest control, and more. The funds will be allocated towards the cost of painting the store’s entire fa├ºade, totaling $16,400. This assistance will contribute to the preservation and improvement of the historic business.

Covington Assistant Economic Development Director, Sarah Allan, expressed enthusiasm for supporting both longstanding businesses like JH Fedders Inc. and cutting-edge ventures like Flamel.AI. The City aims to foster a diverse and thriving business environment.

Additionally, the Commission approved a $100,000 tax-increment financing loan (TIF) for Opal Rooftop Bar & Restaurant at 535 Madison Ave., scheduled to open this fall. Proprietor Bill Whitlow, who owns Rich’s Proper Food and Drink at 701 Madison Ave. and Hangry Omar’s Slider Shack at Covington Yard at 401 Greenup St., plans to establish the seven-story rooftop restaurant as his third venue in Covington. Opal Rooftop Bar & Restaurant will be housed within the renovated six-story Republic Bank building, featuring Class A office space on its other floors.

Covington’s Assistant Economic Development Director Sarah Allan stated, “This business adds another unique experience to our city and furthers the sense of place our team is working so hard to foster.”

For businesses interested in applying for fa├ºade or rent assistance incentives, as well as historic electric sign restoration, they can contact Sarah Allan at (859) 292-2144 or [email protected]. Detailed applications and guidelines are also available for reference.

The Small Business Program has been successful in providing support to 131 businesses or projects between 2017 and 2023 (excluding 58 COVID-related Small Business Emergency Grants). This program has supported 37 businesses owned by women, veterans, or Black entrepreneurs. It has leveraged nearly $7.3 million in private investment and contributed to the creation or retention of over 5,800 jobs. Additionally, it has positively impacted nearly 470,000 square feet of vacant commercial space by either filling or improving it.

In recognition of its accomplishments, the Small Business Program received an award from the International Economic Development Council, the world’s largest organization of development professionals, in 2021.

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How AI legalese decoder Can Help:

The AI legalese decoder can play a vital role in simplifying legal language within the Small Business Program’s applications and guidelines. By utilizing natural language processing and machine learning algorithms, the decoder can enhance the accessibility and comprehensibility of the program’s documents. This would enable a wider range of entrepreneurs, particularly those not specialized in legal matters, to easily understand and apply for the various incentives available. Additionally, the AI legalese decoder can assist in streamlining and automating the review process, reducing the administrative burden on Sarah Allan and ensuring a more efficient evaluation of applications.

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