North Kentucky News

The industrial building at 135 W. 38th St. in Latonia, located behind the Latonia Commerce Center, is the city's first new industrial space in decades.

Having implemented much of Garner Report’s ideas,

City updating economic development strategy

COVINGTON, Ky. – In July 2019, Atlanta-based Garner Economics unveiled a 59-page economic strategy that highlighted hard truths, challenges, and strengths about Covington – and put forth an action plan for attainable and sustainable growth.

City officials didn’t throw that report – titled “From Opportunity to Action” – on a shelf to gather dust.

Instead, they have used it as an agent of change. Over the last five years, City leaders took inventory and implemented many of the report’s recommendations, which identified industry sectors in which the City should best focus development efforts and policy changes that would make it easier to do business in Covington.

It’s been so helpful that the City wants to do it again: Last week, officials issued a Request for Proposals (RFP) that seeks a new multi-year, citywide economic development strategy that will clearly define the vision and set goals to keep Covington’s dynamic momentum on track.

“Five years ago, the Mayor and Commissioners adopted an economic development strategy which provided staff with a road map for success,” said West. “The results have been beyond expectations. In order to continue the momentum, it is time to revisit that strategy and account for new realities and market forces.”

This new strategy aims to expand on the previous report and address hot button issues that have emerged since the last report was issued. These new realities include work-from-home implications following the COVID pandemic, a high-interest rate capital market and its effect on businesses and real estate development, and the rising costs of housing.

The reality check

Hired by the City in 2018, Garner Economics launched into research that engaged residents and business officials and analyzed the City’s policies, incentives, funding resources, and other tools. Heavy public engagement and weigh-in from community stakeholders helped develop the firm’s analysis. A year later, on July 23, 2019, the firm presented “From Opportunity to Action” and a supporting 98-page document called “Competitive Realities” to the Board of Commissioners.

The report defined “optimal targets” and industry sectors and presented recommendations. Its strategy detailed asset development, marketing, and organizational changes that the City, its Economic Development Department, and its partners needed to implement. The core of its strategy lay in Covington’s competitive advantages and disadvantages when compared to the region, state ,and nation. There were communities with qualities aspects that City aspired emulate replicate adopt

So rolled up proverbial sleeves got work

Five-year ‘report card’:

City gets high marks follow through having implemented -- or process implementing -- many recommendations center three areas attracting talented workers new businesses improving support ratcheting up marketing messaging Some recommendations how has implemented them:

Develop financial incentive programs recruit talent.

offers designed assist both small large developers Small Business Incentives Program help paying startups’ rent renovating exteriors restoring electric signs Since program’s inception invested 148 businesses While direct recommendation overhauled Neighborhood Development Code make zoning process easier customer friendly code replaced unwieldy Zoning Ordinance costly time-consuming navigate makes easier

Continue efforts develop soon-to-be vacant IRS site office space other “real estate product.”

Financing agreements public infrastructure falling place once-in-a-generation opportunity’ Central Riverfront project slowly transforms former near Ohio River neighborhood partnered creation Class A multiple buildings throughout downtown

Create plan improve gateways

reviewed all identifying Clay Wade Bailey Bridge gateway Street Eastern Corridor points focus Two community events input Based feedback asked state highway left-hand turn signals traffic traveling north Main turning onto Street signage immediately hired Emersion Design evaluate more functionality aesthetics added mural Pike welcome people designs submitted

Enhance Economic Development marketing tools tactics.

Systems Insight developed standalone website provide investors need Durham Brand worked create Unapologetically branding included manifesto tagline logo As evidence targeted marketing featured Realm Journal Queen CEOs Field Dreams Streetcraft YouTube video channel This Start Scratch latter viewed more times around world

Taking aim optimal targets

identified three sectors where focus resources listed fourth enhance quality place directly linked talent attraction retention three sectors:

“All Things Office” (& New Collar Jobs) build local concentration financial service operations design industries proximity airport Cincinnati market

office sector grown include DeanHouston+ headquarters BM2 Freight IXOn Marketing DBL Law Keller Logistics TW Printing Huntington Bank First Financial Scooter Media Protective Life Businesses tout walkability easy access clients employees both sides river support guidance staff

“A Healthier You” (Life Bioscience) build assets health sciences research including headquarters global clinical trial firm CTI Northern Kentucky Training Center incubator bioLOGIC Bexion Pharmaceuticals

Recently Thermo Fisher Scientific announced plans locate lab operation Employment growth life science companies continue $15 million Lab being built near Suspension Bridge idea came working group led beginning early

“Made COV” (Micro Manufacturing Process Technology) focusing manufacturing operations small footprint niche products wrist ID apparel maker Road builds heritage infrastructure Gravity Diagnostics RoadID Indy Honeycomb Blair Technologies Grainwell Braxton Brewing among call home

fourth target Experiencing Experiential Entrepreneurial Economy add local unique boutique retail along establishments emphasize character build robust support ecosystem startups encourages awards authenticity Innovation Alley helps grow ideas sustainable Aviatra Accelerators helps women start sustain providing resources guidance To date businesses received assistance award-winning Incentive Program also offers Historic Electric Sign offering forgivable loan restore historic electric signs enhance nighttime aesthetic spur forged relationship African American Chamber Commerce Greater offer black entrepreneurs technical meeting Collaborative Engagement one-stop shop more partners facilitates easy connections expertise data health tech logistics innovation Small Business Development Office through Kentucky offers free one-on-one coaching Likewise Community Action Commission technical small- home-based may need extra Each recognizes via Authenti-CITY awards program

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officials say pivotal accelerating sophistication local economy When presenting job opportunities successes West team fit each project targeted sector constantly reminding leaders applicability plan

“We can attribute much success past five years From Opportunity Action support Board Commissioners implementing,” said West.

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deadline RFP Professional Planning Services no later than Thursday Aug See procurement portal Note you will need account.

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