- Kenton County Fiscal Court approved $1.35M for Fort Wright, which will provide a $150K+ matching contribution.
- Fort Wright joins Independence, Erlanger, and Taylor Mill in using the county’s $5M Community Redevelopment Fund.
- Funding will be used to acquire and improve an underperforming property within 12 months or else be returned to the county.
Fort Wright has now become the fourth city in Kenton County to collaborate with the county’s Community Redevelopment Fund.
The Kenton County Community Redevelopment Fund provides financial support to cities within the county, enabling them to invest in real estate development projects that can spur economic growth. It is funded through a $5 million allocation from the Kentucky General Assembly, approved in 2024 as part of its biennial budget.
On Tuesday, the Kenton County Fiscal Court unanimously approved an allocation of $1.35 million to the City of Fort Wright. Fort Wright also committed to providing a matching contribution of at least $150,000 as part of the deal.
“We received an application from the city of Fort Wright,” Kenton County Administrator Joe Shriver said. “We’ve vetted this through our advisors, Jeanne Schroer and also Josh Wice through PDS (Kenton County Planning & Development Services), who deem this to be an appropriate project.”
Fort Wright, a bedroom community with around 5,800 residents, is situated five miles southwest of Cincinnati. The city’s central location along Interstate-75 and proximity to I-275 to the south make it a popular suburban community for professionals commuting to Cincinnati, Covington or Florence.
Fort Wright becomes the latest city to utilize the Community Redevelopment Fund, joining Independence, Erlanger, and Taylor Mill. Independence was the first to receive funding, with $900,000 approved by the fiscal court in March. Erlanger received $1.3 million in June, followed by Taylor Mill with $805,000 in September.
Kenton County guidelines specify that eligible projects should concentrate on property development activities such as acquisition, renovation, site preparation, or right-of-way improvements. Funding proposals need to be submitted by the city’s mayor in consultation with its legislative body. Additionally, the city must demonstrate the ability to match 10% of any awarded funding.
If certain projects do not meet the county’s eligibility criteria, they will be reviewed by Kenton County’s Community Development Department, specifically the Planning and Development Services, to consider possible adjustments.
Fort Wright’s contract specifies that the allocated funds and matching contributions are to be used to acquire and develop an underperforming real estate asset within the city. Furthermore, the city has 12 months from the date of the agreement to use the allocated amount. Any unused funds must be returned to Kenton County.
In March, Kenton County partnered with The Catalytic Fund to define project proposal criteria, set up a standardized application process, produce quarterly status reports and work together on evaluating proposals and distributing funds.
The Catalytic Fund is a privately funded, nonprofit organization based in Covington that offers alternative financing options and property development consulting in Northern Kentucky.
The organization led several prominent redevelopment projects in the region’s river cities, including the Kent Lofts in Bellevue, Hotel Covington, and Life Learning Center in Covington. Since its founding in 2013, the organization has invested more than $450 million in Northern Kentucky, preserving over 90 historic buildings, according to its website.
“Good stuff happening with partnerships,” Kenton County Judge/Executive Kris Knochelmann remarked.