Jeanne Schroer from the Northern Kentucky Catalytic Development Fund was the featured speaker at our October Newport Business Association meeting held on Wednesday October 31st. Jeanne filled many of our members in on how her organization has raised $10 million to lend to developers looking to bring projects to the Northern Kentucky river cities.
The Catalytic Development Funding Corp. of Northern Kentucky was created based on a recommendation of the Vision 2015 regional plan for Northern Kentucky. It’s designed to help jump-start economic development in Northern Kentucky’s urban core.
The Funds main objectives are:
Providing financing for qualified development or rehab projects via subordinated loans, preferred capital, participating equity loans or joint ventures.
* Acquiring and warehousing land for future redevelopment projects.
* Providing technical assistance to developers of catalytic projects.
* Creating and maintaining a central data base.
* Recruiting additional developers to participate in Northern Kentucky's urban renaissance.
The November meeting will feature a tax law update from Michael Bach, CPA. Be sure to join us then!