Kenton County has entered into a partnership with the Catalytic Fund to advance redevelopment projects throughout the county. The Fiscal Court approved an agreement for the Covington-based real estate Community Development Financial Institution to act as an expert advisor in deploying the County's new Community Redevelopment Fund.
Since its establishment in 2013, the Catalytic Fund has been involved in 100 projects aimed at transforming neglected properties into spaces that promote economic activity and attract investment. These efforts have resulted in over $450 million of total investment across Northern Kentucky.
The Community Redevelopment Fund, with $5 million available thanks to funding from the Kentucky General Assembly's 2024 budget, aims to support projects that benefit businesses or create jobs within Kenton County cities. Judge/Executive Kris Knochelmann expressed confidence in the partnership: “Catalytic Fund CEO Jeanne Schroer and her team have had a tremendous impact on our community... 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 will assist Kenton County by developing evaluation criteria for funding requests, creating a uniform proposal document, building quarterly status reports on program progress, and evaluating proposals to provide recommendations on funding decisions. The Fiscal Court retains final approval authority over any funding proposals.
Formal project proposals must be submitted by city mayors with legislative consultation, demonstrating a 10% match for awarded funds. Eligible projects typically focus on property development or right-of-way improvements enhancing safety and accessibility.
Jeanne Schroer stated: “Working with the County on the deployment of its Community Redevelopment Fund is an exciting opportunity for our team... This partnership gives us the opportunity to bring our financial and real estate expertise countywide to create lasting economic growth and vibrant spaces that benefit residents and businesses alike.”
The agreement also allows potential collaboration between Kenton County and Catalytic Fund on qualifying projects. For joint ventures using both entities' funds, at least 10% of transaction amounts will come from Catalytic Fund capital. Repayments from borrowers will return to Kenton County’s fund without incurring transaction fees from deals involving both parties.
The Catalytic Fund operates as a private not-for-profit entity providing non-traditional financing services aimed at regional economic development through high-impact real estate initiatives supported by various financial sources including banks, foundations, corporations, and federal institutions.