On Tuesday, Dec. 9, the Kenton County Fiscal Court approved an allocation from its Community Redevelopment Fund for the City of Fort Wright.

The Community Redevelopment Fund is designed to provide Kenton County cities with support for projects that will positively impact their communities and generate jobs.

The Fund has $5 million, thanks to the Kentucky General Assembly, which included it in the 2024 budget.

Fort Wright will receive $1,350,000 to acquire underperforming assets within its jurisdiction and redevelop them. The City has 36 months to use the resources, with any unused funds returned to the County.

“We’ve now invested resources from the Community Redevelopment Fund in four projects, and each one helps bring meaningful projects to life,” Judge/Executive Kris Knochelmann said. “Fort Wright sits at the center of several major County corridors, and with these dollars, city leaders can leverage connectivity to spark new economic activity.”

Previous Fund recipients include the cities of Independence, Erlanger and Taylor Mill.

Mayor Dave Hatter, on behalf of City Council and the Fort Wright community, expressed his gratitude to the Kenton County Fiscal Court for their ongoing support and this substantial investment in Fort Wright. “We are excited about the redevelopment opportunity and new revenue it will bring, and we look forward to continuing to work collaboratively with the County on current and future projects that move the City of Fort Wright and our region forward,” he said.

In March, Kenton County tapped the Catalytic Fund to 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, vets city funding proposals to determine which projects stand to generate the maximum impact for residents.

“Fort Wright presented a clear and compelling plan for how strategic redevelopment can strengthen their community,” Catalytic Fund CEO Jeanne Schroer said. “Investing with clear intentions often leads to the best return for residents. We look forward to partnering with Fort Wright as they bring these plans to fruition.”

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 eligibility or access to other funding opportunities.

In addition to its Community Redevelopment Fund, the County continues to seek ways to deploy its $13 million Site Development Fund, which is administered by the Northern Kentucky Port Authority. The County’s Site Development Fund has been used for several high potential projects, including:

• Purchasing the building that is now home to SparkHaus, Northern Kentucky’s hub for entrepreneurship
• Upgrading storm sewer infrastructure to support the redevelopment of the former Drawbridge Hotel and Convention Center in Fort Mitchell.
• Adding new power transmission lines for Niagara Bottling’s Elsmere manufacturing facility
• Completing the buildout of LifeSciKY’s lab space