Governor details launch of READI 2.0
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Gov. Eric Holcomb on Tuesday provided details for the second iteration of the Regional Economic Acceleration and Development Initiative, or READI 2.0. The initiative, which received approval in this year’s legislative session, will provide an additional $500 million in grants to support projects focused primarily on population growth and quality of life.
The first round of READI grants were awarded in December 2021. To date, over $487 million of the $500 million funding has been awarded to support 361 projects in all 17 regions of the state.
Holcomb’s office said the projects have leveraged an additional $12. billion in public, private and not-for-profit investment.
“This transformative program will fund projects that lean into a region’s strengths while building community gathering places, accessible parks, performing arts centers and expanding the trail system that will have generational impact across each region and with every person who visits our great state,” Holcomb said in a news release. “In Indiana, there is no greater priority for us as leaders than to work in unison to improve Indiana’s standing as the best location to live, work, play, study and stay.”
The governor’s office says from now through February 2024, regions will develop their funding proposals for consideration, and the Indiana Economic Development Corp. will visit each region to see READI 1.0 investments and “discuss future vision and strategy.”
The READI 2.0 timeline also includes:
- September 26, 2023: Q3 IEDC READI Forum in Muncie
- December 2023: Q4 IEDC READI Forum
- February 23, 2024: Regional proposals due to the IEDC.
- April 2024: Proposed IEDC board approval of investment commitments and allocations to regions. Exact date to be announced at a later date.
- May 2024: IEDC begins coordination with regions in identifying regionally significant capital and infrastructure projects for investment.
The regions that were formed for READI 1.0 are being encouraged to remain as they are for the program’s second round. However, the IEDC said it would support the consolidation of participants into a single region if they can be justified.
The IEDC says it will establish key performance indicators for READI 2.0 projects that align with the overall goals of the program. Those KPIs are:
- Population growth
- Per-capita income growth
- Increase in employment opportunities
- Educational attainment
- Number and affordability of housing units developed
- Increase in childcare capacity
- Increase in innovation activities
- Increase in private investment
You can find more information on application details, eligibility requirements and more for READI 2.0 by clicking here.