KENTUCKY
Cincinnati Post
By Courtney Kinney
Post staff reporter
The Diocese of Covington's Catholic Center and Marydale Retreat Center in Boone County is on prime property that could fetch millions, local developers and Realtors say.
The site, covering roughly 300 acres on Donaldson Road at the Boone-Kenton county line, is in a rapidly growing area with attractive amenities.
"It does have good interstate access, it has good infrastructure around it, it's fairly centrally located in Northern Kentucky, it's close to the airport. All those things are big pluses," said Tom Banta, an executive vice president at Covington-based developer Corporex Cos.
The diocese agreed to put the property into escrow as part of a settlement agreement announced Friday in a class action lawsuit filed by victims of sexual abuse by priests. Two other parcels owned by the diocese - one in Union and another in Crittenden - will also be put into escrow.
The real estate and other investments put into escrow must account for $40 million of the $120 million settlement agreement. The other $80 million will be paid through insurance policies held by the diocese.
The Marydale property is currently valued at $13 million to $14 million, though it would likely sell for much more, said Boone County Property Valuation Administrator Ron Burch.
Posted by kshaw at June 4, 2005 04:09 AM