On Tuesday, June 24, the Kenton County Fiscal Court approved allocating funds from its recently established Community Redevelopment Fund to the City of Erlanger.
The Community Redevelopment Fund aims to provide Kenton County cities with support for redevelopment projects that will positively impact businesses and generate jobs.
The Fund has $5 million, thanks to the Kentucky General Assembly, which included it in the 2024 budget.
The City of Erlanger will use the funding to acquire and develop underperforming assets within its jurisdiction and redevelop them.
Erlanger will receive $1,305,000, with the City expected to provide a local contribution. The City has 36 months to use the resources, with any unused funds returned to the County.
“Kenton County is committed to partnering with our cities so they can create spaces that attract residents, businesses and investment,” said Kenton County Judge/Executive Kris Knochelmann. “With our Community Redevelopment Fund, we’re able to deliver the critical resources that turn ideas into reality. We look forward to seeing Erlanger leverage these dollars to create new community assets.”
Erlanger Mayor Jessica Fette said: “We are so grateful to our state legislators for making these Community Redevelopment Funds available, and we truly appreciate the strong partnership with Kenton County in bringing them to life. The process has been seamless, and it’s clear that we’re all rowing in the same direction. Our team has spent a great deal of time preparing for this moment, and it’s exciting to see that work paying off. These funds will allow us to breathe new life into key areas of our city, creating new opportunities and setting the stage for long-term success for our residents and businesses.”
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, will vet city funding proposals to determine which projects stand to generate the maximum impact for residents, among other duties.
“As we conducted due diligence on behalf of the County, the City of Erlanger demonstrated a clear vision and readiness to act,” Catalytic Fund CEO Jeanne Schroer said. “Intentional redevelopment can strengthen neighborhoods and attract investment, and we’re excited to see it take shape in Erlanger.”
This is the second time the County has utilized the Fund, with the City of Independence receiving $900,000 this March.
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.