Lilly Endowment READI award to focus on arts, blight reduction
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In his State of the State address Tuesday night, Gov. Eric Holcomb announced a major boost to the state’s Regional Economic Acceleration and Development Initiative, or READI.
The governor said Indianapolis-based Lilly Endowment Inc. is awarding $250 million—the largest single gift in the endowment’s history—to support READI 2.0, with the funding earmarked for specific types of projects.
The Indiana Economic Development Corp. says it will allocate $185 million of the grant to support the redevelopment or rehabilitation of blighted properties “in ways that address community needs.”
Such projects could include rehabbing historic structures, repurposing closed industrial plants to create community spaces or mixed-use developments, and demolishing vacant single-family homes to build new affordable housing.
The IEDC plans to invest $65 million of the grant to support what it says will be a first-of-its-kind statewide arts and culture initiative. The funding will support regions to develop arts and culture projects, such as establishing arts and culture competitions or festivals, creating new public art displays, and developing or improving museums, performing arts venues or other “culturally significant attractions.”
Proposed projects will be evaluated in partnership with the Indiana Arts Commission and a panel of third-party experts.
“Given the success and momentum of READI and the state’s continued investment in READI 2.0, the Endowment considered this grant proposal as a compelling opportunity to build on its efforts to help promote the prosperity of Indiana communities,” Lilly Endowment CEO Clay Robbins said in a news release.
The READI program was launched in 2021 with $500 million in grants awarded to 17 regions representing every county in the state. The IEDC said the program leveraged a combined $12.6 billion in investment from public, private and not-for-profit sources supporting more than 360 projects and programs.
Last year, the Indiana General Assembly approved an additional $500 million allocation for READI 2.0, which the IEDC expects to attract a minimum 4:1 match in local public and private funding.
Regional proposals for READI 2.0 are due by Feb. 23. You can learn more about the program by clicking here.