Gateway accepts bid on Amsterdam Road property
Published on Mar 30, 2017
Gateway Community & Technical College received approval from the Secretary of the Finance and Administration Cabinet to accept the bid of $3.2M received on Feb.16 as fair market value for the property at 1025 Amsterdam Road.
Gateway solicited offers via sealed bids in June 2016 and received bids ranging from $1.15M to $3M. The cost of demolition and property zoning were cited by bidders as impacting bid amounts.
In February 2017, a second sealed bid opening took place, a $3.2M offer was received.
The offer was sent to the Secretary of Finance and Administration and he has determined that fair market value for the property has been attained through a competitive bid process in the open market.
“We are pleased to receive approval from the Secretary of Finance and Administration to accept this bid and look forward to continuing our commitment to Covington and the northern Kentucky region through the Urban Metro Campus,” said Dr. Fernando Figueroa, president of Gateway Community & Technical College.