Acute Hearing is moving their company headquarters into Covington’s urban core.
Acute Hearing is a family-owned healthcare practice that provides hearing tests and hearing aid technology. They are currently headquartered in Milford, Ohio, and operate offices in Lexington, Louisville and Dayton, Ohio.
“Thank you for coming to our city and wanting to do business,” Vice Mayor Ron Washington said.
Lowell Scott, CEO of Acute Hearing, was present at the Covington City Commission meeting this week.
The company purchased 421 Madison Ave. and 423 Madison Ave., commonly referred to as the “Morgan Building,” with plans to renovate them into a proper headquarters. Acute Hearing plans to invest approximately $1 million into the space. The investment will also add 6,000 square feet of commercial real estate space to Covington’s market.
The building was formerly the offices of the Kentucky Post, a former newspaper in Northern Kentucky before its closure in 2007. Most recently, the building was occupied by the law offices of Morgan & Morgan before they moved to a different location at 300 Madison Ave.
“They left a while ago,” Scott said. “It was pretty vacant.”
Ten jobs will relocate from Milford to Covington, with plans for Acute Hearing to add six more jobs over the next three years, the company announced. The move will bring an annual payroll of $594,600 to Covington. The six additional jobs created will add an estimated $294,000 for a total of $888,600 in annual payroll.
The Covington Economic Development Department will provide Acute Hearing with an incentive to help with their relocation as part of their “A Healthier You” economic development strategy.
The Department recommended Acute Hearing receive a 10-year term with a 1% payroll incentive for all jobs moved to Covington over the next five years, followed by an unincentivized five-year retention period.
Covington Economic Development Director Tom West projects the value of the incentive for Acute Hearing over the 10-year period to be $38,200, while Covington will gain $195,265 in net new payroll tax.
The incentive was approved by the Commission and placed on the consent agenda for next week’s regularly scheduled legislative meeting.