(1) The applicant must be a new, large, commercial retail business in the Covington City limits. For purposes of this chapter, “new, large, commercial retail business” shall mean any business that (a) is not already located in the City of Covington at the time a building permit is applied for, (b) will be contained in at least one building exceeding 150,000 square feet, (c) sells retail goods and services which are subject to the retail sales tax provisions of Chapter 3.10 CMC, (d) applies for a building permit, and (e) is subject to payment of traffic impact fees pursuant to CMC Title 19.

(2) Based on similar store sales, or other reliable data, as determined by the City, the applicant must demonstrate that it is likely to generate to the City of Covington average annual City of Covington portion of sales and use tax revenue of at least $500,000 based upon the three-year period commencing from the date of certificate of occupancy.

(3) The applicant must be a new, large, retail business located within one of the following prescribed land use zones: general commercial (GC); mixed commercial (MC); mixed housing/office (MHO); or town center (TC). (Ord. 08-21 § 4 (Exh. C); Ord. 16-16 § 2; Ord. 09-07 § 1)