Home » NKyTribune.com: Corporex will spend $70 million to begin Ovation development

NKyTribune.com: Corporex will spend $70 million to begin Ovation development

NEWPORT, Ky. — Thanksgiving is still a couple of days away, but residents of Newport received an early holiday gift Monday night when Corporex announced it would spend $70 million to begin the development for the Ovation project in the west end of the city.

“It (Phase 1 of the Ovation development) is about a $70 million investment, you can’t borrow that type of money today,” Tom Banta, managing director of Corporex, told the Newport board of commissioners, “so Corporex is going to front that money and then be repaid out of the TIF (Tax Increment Financing) rather than having bonds, which is the typical way of doing it.” For more on this story, please go to NKy.Tribune.com.