Downtown Redevelopment District (DRD)
What is a DRD?
Section 5709.45 of the Ohio Revised Code authorizes municipalities to implement a Downtown Redevelopment District which can cover not more than ten (10) acres enclosed by a continuous boundary in which a least one historic building is being, or will be, rehabilitated.
DRD are utilized to promote rehabilitation of historic buildings, create jobs, and to encourage economic development in commercial and mixed-use commercial and residential areas. They are also utilized to fund transportation improvements that will benefit areas in and around the DRD.
The DRD redistributes 70% of the improvement value of a parcel to the DRD fund. The remaining 30% of the value goes to the property taxing authorities as it would traditionally. The DRD fund can then be utilized to create loan programs, facilitate economic development, and to fund roadway improvements.
The DRD can last for up to 30 years before it needs to be reauthorized or recreated.
DRD Map and Parcels
The Village adopted a map and specific parcels within the Village DRD, which is noted above. These parcels are eligible for funding through the DRD.
Covington DRD
- Ed McCord, Mayor, Covington
- Kyle Hinkelman, Village Administrator, Covington
- Keith Warner, Planning Commission Member, representative to Council
- Dr. Joseph Hoelzle, Superintendent, Covington Exempted Village School District
- Unfilled, downtown business owner
- Nick Church, President, Covington Chamber of Commerce
DRD Revolving Loan Fund
- Make loans to property owners within the DRD to renovate buildings
- Make loans to small business owners within the DRD to expand and renovate their business
- Make loans to small business owners and entrepreneurs that want to locate their business in the Covington DRD.
This fund will solicit funding from the Ohio Development Services Agency - CDBG program, local banks utilizing their Community Reinvestment Act commitments to help underserved communites, and other sources.