COVINGTON, Ky. — A leading supplier of construction materials in the Tri-State will move its headquarters from Cincinnati to Covington, according to a news release from the City of Covington.
When it moves to the RiverCenter tower next month, Hilltop Basic Resources Inc. will bring a $3.3 million investment and 20 jobs to Northern Kentucky.
Hilltop is the latest in a series of companies relocating to Covington, the city said. Despite the coronavirus pandemic, it's added about 1,000 new jobs since the beginning of March.
“Having employers like this move into our city, having this expansion in our employment base, is really a benefit for the entire city of Covington," said Mayor Joe Meyer. "Every neighborhood benefits from this.”
Hilltop will occupy 9,500 square feet in the tower at 50 E. RiverCenter Blvd. The company employs 240 people and serves clients in five states and is the Tri-State’s leading supplier of aggregates and ready-mix concrete.
“Hilltop concrete builds Greater Cincinnati," Meyer said. "Even where they are, it was Hilltop concrete that built Rivercenter. It was Hilltop concrete that built The Ascent.”
Hilltop’s headquarters is currently located in the Fourth and Vine Tower in downtown Cincinnati. Hilltop president Kevin Sheehan said the move was partially because the office space is being converted into apartments.
Covington economic development director Tom West said Hilltop’s relocation will help accelerate Covington’s growth.
"With this addition, our department is nearing the milestone of 1,000 new jobs announced since March, which is an incredible statistic given the generally negative effect of the COVID-19 pandemic on the economy,” West said in a statement.
Sheehan said the new space made sense economically and practically.
"We look forward to moving into our new headquarters in Covington, which will give us an attractive, professional home for our employees and customers. It's a nice bonus that Hilltop products helped build the RiverCenter office complex," Sheehan said in a statement.
Hilltop presented a proposal at the Covington Board of Commissioners meeting Tuesday night, in which the company asked for a five-year 1% payroll tax incentive.
"This incentive is an investment that will have huge payback — the city expects to realize $4 for every $1 of foregone revenue," West said.
The commission moved the proposal to its consent agenda to be voted on Tuesday.
Hilltop is expected to relocate on July 31.