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Thursday, April 8, 2021

EXCLUSIVE: Cold Spring Closes on the Purchase of DAV Property

 

Cold Spring Mayor D. Angelo Penque signs the necessary paperwork to purchase the DAV property, helping him achieve his goal to bring a health care facility to the area. Provided. 

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by Robin Gee, city council beat editor

Cold Spring Mayor D. Angelo Penque has signed to purchase the Disabled American Veteran property, about 30 acres of prime development real estate at 3725 Alexandria Pike. The move is a culmination of a long-term goal and years of work and planning to bring a health care facility to Cold Spring, said the mayor.

18 N. Fort Thomas Ave. in the Hiland Building. 

"Since I became mayor, I have been trying to bring a health care facility to the city. This venture with St. Elizabeth brings needed health care to Campbell County, serving not only Cold Spring but the entire county. It also serves another benefit — the jobs that will be created represent probably the biggest employment boost to the county in the past 30 years," he said.

The mortgage agreement includes a note that the city will pay the $6.5 million purchase price to the DAV before September 30, 2021. This gives the DAV the opportunity to stay in their space without paying on a lease until they are able to move into their new building in Erlanger.

The city also signed an amended agreement with developer Al. Neyer that once the DAV has vacated, they will begin work with St. Elizabeth on the proposed new facility. Al. Neyer would assume costs incurred during the waiting period (the interest paid on the mortgage). It is likely at that time an Industrial Revenue Bond (IRB) or other similar financial tool may be available.

St. Elizabeth is moving ahead with their plans according to city attorney Brandon Voelker. He does not expect otherwise, but noted that should they change their minds, the city’s purchase of the property would ensure the goal to bring a health care facility to the area would be fulfilled.

Barre3 Fort Thomas. 90 Alexandria Pike in the Fort Thomas Plaza. 

The mayor added, "I want to thank city council for sharing my vision for not only Cold Spring but the entire county."

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