Northern Kentucky’s first-ever development fund has raised $10 million and will begin financing projects in the region’s urban core before year’s end.
The Catalytic Development Fund Corp. of Northern Kentucky was launched in 2007 with a $1 million pledge from Corporex Cos. CEO Bill Butler. Proponents have been working ever since to raise an initial $10 million to begin its work. They believe that $10 million can be leveraged to help finance as much as $100 million in developments in Covington, Newport, Ludlow, Bellevue and Dayton. Fund officials hope to grow the fund to $20 million and eventually to have an even greater impact.
Investments by PNC Bank and the Fifth Third Community Development Corp. helped the new fund reach its $10 million goal, said Jeanne Schroer, the nonprofit’s executive director. Other major donors include Bank of Kentucky, Central Bank, Duke Energy, First Financial Bank, U.S. Bank and the Carol Ann and Ralph Haile/U.S. Bank Foundation.
The fund was the creation of the Urban Renaissance Team of Vision 2015, Northern Kentucky’s regional planning effort. The goal is to stimulate more development in the urban core in hopes that the region’s success along the riverfront can move south into the river cities’ empty homes and storefronts.