Lafayette outlines $30M in funding for READI projects
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The Greater Lafayette Region has announced seven quality of life and economic development projects that will receive a total of $30 million in funding through the Indiana Regional Economic Development Initiative, or READI. The projects include efforts to boost housing options, childcare and talent attraction with a focus on military veterans and growing the semiconductor workforce pipeline. “These projects will shape the Greater Lafayette region for decades to come,” said Scott Walker, president and CEO of the Greater Lafayette Commerce Community and Economic Development Foundation.
The projects were announced during a news conference Wednesday at the Greater Lafayette Commerce headquarters.
The Greater Lafayette Region was one of 17 regions to receive funding through the $500 million initiative in December. The region, which represents Benton, Carroll, Fountain, Tippecanoe, Warren and White counties, was one of four to receive a $30 million allocation.
More than 45 projects were reviewed for potential funding. Greater Lafayette Commerce said the projects that were chosen will “further enhance quality of life and retain and expand businesses, including high-tech and advanced manufacturing companies as well as semiconductor development, seen by many as critical to America’s technological independence and defense.”
Among the projects is a $5 million effort to grow the semiconductor workforce pipeline. The organization says Purdue University and Ivy Tech Community College are collaborating to address talent needs, including high school students, college students, and technician and engineer training.
The project is in response to Minnesota-based SkyWater Technology’s (Nasdaq: SKYT) previously-announced plans to build a $1.8 billion semiconductor manufacturing facility in West Lafayette and create 750 jobs.
Purdue President-elect Mung Chiang said all of the projects represent what the region needs in terms of both physical and human infrastructure.
“This chip shortage…it is the foundation of our country’s economic security and national security and job security,” said Chiang. “I have heard in my 92-county tour…that we need really well-paid jobs [and] career trajectories. It takes partnership to do that. So, we want to make sure that we will as a university help with that talent pipeline, including for semiconductors.”
The other six projects selected for funding include:
A Place to Call Home ($8.6 million):
The funding will be used to support the Greater Lafayette Residential Infrastructure and Housing Development Action Plan. Each county is allocated between $1 million and $1.5 million to use towards infrastructure investment leading towards housing creation within their communities. Each county (and its cities) will be responsible for determining their own projects and determining the required 1 to 1 dollar match. Funds can support water, sewer, sidewalks and broadband projects.
Regional Housing Action Plan ($100,000):
The funding will support a regional housing study and needs analysis that encompasses both regional and individual county information. An action plan for each county to implement will also be provided. The project is expected to be completed in May 2023.
Supporting Our Families ($772,000):
Matched by funds from the counties and cities, the funding will be used by the Childcare Resource Network to expand licensed and high-quality childcare across the region. As part of the project, startup funds for new programs and mini grants for expansion projects will be awarded to in-home daycare and childcare facilities. A regional hub with various essential services to strengthen early childhood programs will also be established. A project manager employed by the Childcare Resource Network will also be contracted to oversee the project for four years.
Wabash River Greenways ($6.5 million):
Identified early in the planning process, enhancing the Wabash River Greenways trail projects became a top priority, according to Greater Lafayette Commerce. The funding will help with trial developments along the Wabash River and its tributaries in Carroll, Fountain, Tippecanoe, White, and Warren Counties, with each county and municipalities providing matching funds. Construction on the projects managed by the counties and municipalities.
Runway for Growth ($7 million)
The funding will be used to build infrastructure to support a passenger terminal at the Purdue University Airport to help bring commercial air service back to the Greater Lafayette Region. The project team at Purdue Airport is working to identify other sources of funding, and after fundraising is complete the project timeline will be announced.
INVets Partnership for Veteran Recruitment to Greater Lafayette ($183,000):
This funding will be allocated to community and talent attraction efforts, with a focus on military veterans. As part of the initiative, a regional business liaison, from INVets, will work with businesses to promote their vacancies, connect veterans to local open positions and advise businesses on career pathway development plans. Money will also help launch marketing materials to attract veterans to the Greater Lafayette Region.
The Indiana Economic Development Corp. says thus far, 230 READI projects have been accepted with a total funding request of $350 million. Chief Operating Officer David Rosenberg says that funding request has leveraged a total project cost of $6.2 billion from local, philanthropic and private investment.