The non-profit Catalytic Funding Corporation of Northern Kentucky is a step closer to its goal of helping secure needed financing for smaller, residential projects in all urban river cities including Ludlow, Dayton, Bellevue, Covington and Newport. The fund recently got a $1 million boost with a grant from
Duke Energy - that brings the fund up to $3 million toward its $10 million kickoff target.
"A vibrant urban core is critical to the overall success of our region. Duke Energy wants to help grow jobs," said Johnna Reeder, vice president of Community Relations and Economic Development for Duke Energy Ohio and Duke Energy Kentucky. "We're pleased to make this investment and we're confident in strong, long-term returns for the community."
The fund was first announced in late-2008 and was launched by the Urban Renaissance Action Team of the Northern Kentucky's
Vision 2015 planning effort.
Corporex and
The Bank of Kentucky earlier pledged $1 million each to the fund.
"Duke Energy's investment in the Catalytic Fund represents the company's ongoing leadership in supporting economic development efforts in the Greater Cincinnati region," said Jeanne Schroer, executive director of the Catalytic Fund. "The willingness of Duke Energy and other local leaders to step up is a huge step in moving this initiative forward. We are very honored to have Duke Energy as one of our Catalytic Investors."
The Catalytic Fund will finance mixed-use, small residential and neighborhood retail projects once the $10 million goal is raised. Plans are to leverage those dollars to raise more than $100 million for development. CDFC is loosely modeled on gap financing funds such as the Cincinnati Equity Fund, established in 1996 and now part of
3CDC.
Schroer said she is beginning to identify target sites and projects.
Writer: Feoshia Henderson
Source: Jeanne Schroer, executive director of the Catalytic Fund
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.