Independence receives $900K for local redevelopment projects

The Kenton County Fiscal Court has chosen the City of Independence as the first beneficiary of the new Community Development Fund. This fund aims to support redevelopment projects in Kenton County that can help local businesses and create jobs. Independence will receive $900,000 from the fund. The city plans to add $100,000 of its own money as a matching contribution. The funding must be used within 36 months, or any unused money will be returned to the county. The fund was established with a budget of $5 million from the Kentucky General Assembly. Projects eligible for funding include property development, such as acquiring or renovating buildings and improving public spaces. The city must show it can match 10% of the funding awarded. If a project does not meet the county’s guidelines, it can be reviewed for adjustments. Mayor Chris Reinersmann said the funds will help revitalize older commercial areas in Independence. The city’s population has grown significantly, increasing from nearly 15,000 in 2000 to over 28,000 in 2020. Specific redevelopment projects have not been announced yet. The county has partnered with The Catalytic Fund, a nonprofit that provides financing and support for property development in Northern Kentucky. This organization has worked on over 100 projects and invested more than $450 million in the region since 2013. Under this partnership, The Catalytic Fund will help create selection criteria for projects, establish a uniform application process, and provide regular updates on project statuses. Judge/Executive Kris Knochelmann emphasized the importance of funding for improving areas in need.