The new residential and commercial development that will replace the Newport Intermediate School next year was presented to the Newport City Commission on Monday evening as the city explores the possibility of utilizing industrial revenue bonds to help the project.

"One item in the contract, a condition in the purchase, is that there be consideration of industrial revenue bond financing," said attorney Jim Parsons, the former Newport city manager who, through his position with prominent law firm Taft Stettinius & Hollister, advises local cities on such matters. "That is something that was important to the development when they put the bid in."

In June, The River City News was first to report that the Newport Board of Education entered into an agreement with Carmel, IN-based CRG Residential which would buy and redevelop the site. The deal proceeded earlier this month when the school board pushed the $2.625 million sale further.

The school building will be razed to make way for new construction.

For the first time, CRG presented a rendering of what the new development may look like. "I view this project as something in between Monmouth Row and Aqua," said David George with CRG, referencing the successful Towne Properties development on Monmouth Street and the under-construction CIG Properties project on the riverfront. "Obviously, we won't be right on the river, but we want you to see a lot of upper-level amenities."

There will be 7,300 sq. ft. of retail space on Monmouth Street and 3,600 sq. ft. of residential amenities, including two outdoor courtyards, one of which could be used to accommodate outdoor dining should a restaurant opt to locate at the unnamed project.

CRG is no stranger to the region. They developed the One Lytle Place apartment tower in downtown Cincinnati and are currently working on the redevelopment of the old Woodward High School in the Queen City. As it has on other projects, CRG will partner with Indianapolis-based Barrett & Stokely to own and manage the site.

Future projects in the region could be forthcoming, George told the city commission.

"Especially on the Kentucky side," George said. "I'm very big on this side of the river. It's a life cycle. You've done a great job with retail and that allows the amenities. The next step would be, once you have enough people and population density, you'll start getting the businesses and offices."

Newport Independent Schools is still using the building for the 2015-16 academic year, but work on the project is expected to begin with school lets out next spring.

Other Newport notes:

The city commission accepted the proposal of the Commonwealth of Kentucky's Transportation Cabinet related to the construction of the Kentucky Route 9 extension, though there was some confusion. The city agreed to spend more than $100,000 for decorative street lights in a median that it negotiated to be included in the project, but City Commission Frank Peluso said that he interpreted the agreement to include language that indicated the city would take over responsibility for more than a mile and a half of state roadway. City Manager Tom Fromme disagreed with that interpretation.

"The full resolution says the city assumes full responsibility, maintenance of sidewalks, outside travel lanes," Commissioner Peluso said. "Further it talks about taking over the existing state route and there is a map attached of all the traffic signals that we're going to take responsibility for."

"I don't understand it that way," Fromme said, noting that the city is already responsible for all sidewalks along state routes. The proposal was accepted by a vote of 4-1 with Peluso dissenting.

Written by Michael Monks, editor & publisher