On March 11, the Kenton County Fiscal Court approved a partnership with the City of Independence for the first project funded by its new Community Redevelopment Fund. This fund is designed to support redevelopment projects in Kenton County cities that will positively impact businesses and create jobs.
The fund has $5 million allocated by the Kentucky General Assembly as part of the 2024 budget. The City of Independence will receive $900,000 from this fund, supplemented by a $100,000 contribution from the city itself. The funds are intended for acquiring and developing underperforming assets within Independence's jurisdiction, with a 36-month deadline for utilization. Any unused funds will be returned to the county.
Judge/Executive Kris Knochelmann stated, “The Community Redevelopment Fund is an exciting new tool to help our cities accomplish impactful projects.” He emphasized Kenton County's commitment to collaborating with local cities to maintain a vibrant community for residents and businesses.
Independence Mayor Chris Reinersman expressed gratitude for the collaboration with Kenton County, highlighting plans to revitalize older commercial districts in addition to ongoing new developments. “The opportunities afforded by this program will go a long way to that end,” he said.
Additionally, at its meeting on Tuesday, Kenton County approved an agreement with the Catalytic Fund to act as an expert advisor on deploying the Community Redevelopment Fund. The Catalytic Fund will evaluate city funding proposals based on their potential impact on residents.
Cities seeking funding must submit formal proposals through their mayor in consultation with their legislative body and demonstrate a 10% matching contribution. Eligible projects should focus on property development or right-of-way improvements aimed at enhancing safety and accessibility for all residents. Proposals outside these criteria can be reviewed by Planning and Development Services of Kenton County’s Community Development Department for potential adjustments.