Kenton County Fiscal Court approves Independence as first Community Redevelopment Fund partner

The Kenton County Fiscal Court approved partnering with the City of Independence earlier this month on the first project funded from its newly established Community Redevelopment Fund.

The Community Redevelopment Fund aims to provide Kenton County cities with support for redevelopment projects that will positively impact businesses and/or generate jobs.

The program has $5 million, thanks to the Kentucky General Assembly, which funded it as part of the 2024 budget.

The City of Independence will use the funding to acquire and develop underperforming assets within its jurisdiction and redevelop them.

Independence will receive $900,000, with the City expected to provide $100,000 of its own funds in a matching contribution. The city has 36 months to use the resources, with any unused funds returned to the County.

“The Community Redevelopment Fund is an exciting new tool to help our cities accomplish impactful projects,” Judge/Executive Kris Knochelmann said. “Kenton County is committed to partnering with our cities to keep our community a vibrant and appealing place for residents and businesses. With the support of our partners in the General Assembly, we can provide the crucial financial boost needed to bring these projects to life.”

Independence Mayor Chris Reinersman said: “We appreciate working with Kenton County on projects that will benefit many of our residents. While Independence has a lot of new development going on, we also want to focus on revitalizing a couple of our older commercial districts. The opportunities afforded by this program will go a long way to that end.”

Kenton County also approved at its Tuesday meeting an agreement in which the Catalytic Fund will serve as an expert advisor on the deployment of the Community Redevelopment Fund. As part of that agreement, the Catalytic Fund, which has a proven track record of successful real estate investing in Northern Kentucky, will vet city funding proposals to determine which projects stand to generate the maximum impact for residents, among other duties.

Formal proposals for Community Redevelopment Fund dollars must be submitted by a city’s mayor, in consultation with its legislative body, with the city demonstrating its ability to provide a 10% match for any funding awarded.

Eligible projects should generally be focused on property development – such as acquisition, renovation, site preparation, etc. – or right-of-way improvements that enhance the quality of life by ensuring safety and accessibility to all residents.

Proposals that do not fall under these parameters can be shared and vetted with Planning and Development Services of Kenton County’s Community Development Department for potential adjustments and eligibility.

Kenton County Fiscal Court