The Kenton County Fiscal Court has approved a partnership with The Catalytic Fund of Northern Kentucky to advise on the development of a county redevelopment fund.
The fund will aim to redevelop select county properties with an eye toward commercial development and employer attraction. The fiscal court voted to approve the partnership at its meeting Tuesday night.
“Catalytic Fund CEO Jeanne Schroer and her team have had a tremendous impact on our community, and there are few transformative projects in our urban core since their founding that they’ve not helped make happen,” Kenton County Judge/Executive Kris Knochelmann said in a press release. “I feel confident with their expertise and guidance we can ensure the funds entrusted to Kenton County by our partners in the General Assembly will be spent responsibly and generate a significant impact for our cities and residents.”
The Catalytic Fund is a nonprofit categorized as a Community Development Financial Institution. Such organizations provide financing for otherwise financially untenable development projects. The fund focuses on “housing, mixed-use developments and the revitalization of key commercial corridors,” according to the same press release.
The redevelopment fund was allocated about $5 million from the General Assembly during the 2024 legislative session.
Cities in the county will be able to apply for funding on a case-by-case basis. Although the fiscal court will maintain final approval on all projects, the Catalytic Fund will advise on the following:
- Developing a criteria for judging the worthiness of submitted project proposals
- Creating a uniform application process
- Developing quarterly reports on the program’s status
- Evaluating and helping the county make decisions on proposals, the amount of money that will be awarded and any terms and conditions on pay outs
You can learn more about The Catalytic Fund at thecatalyticfund.org.