State awards $500M in READI 2.0 funding
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The Indiana Economic Development Corp. board of directors on Thursday approved $500 million in funding from the second round of the Regional Economic Acceleration and Development Initiative, or READI 2.0.
The regional funding allocations were announced by Gov. Eric Holcomb and the IEDC at the agency’s public meeting in Indianapolis.
Six of the 15 regions each received the highest allocation of $45 million, and the IEDC said based on plans outlined in the regions’ funding applications, the grants are expected to yield about $11 billion in additional public and private investment.
“Indiana is leading the way in future-focused investments in our economy and in our communities, ensuring that all Hoosiers of today and tomorrow have the opportunity to prosper,” Holcomb said in a news release. “READI has already resulted in more than $12.6 billion invested in quality of place and quality of life assets. The second iteration of the initiative, along with additional committed investments from the Lilly Endowment, will bring billions more to Hoosier neighborhoods, preparing communities, industry and talent for the next generation and beyond.”
The funding is designed to support quality of life, economic development and workforce development projects.
Each region will also be eligible to receive additional funding from the $250 million gift provided by Indianapolis-based Lilly Endowment Inc. to support blight reduction efforts and the creation of new arts and culture initiatives.
The IEDC said an external review committee evaluated each region’s applications on factors such as economic development potential and alignment with the state’s priorities such as population growth, per capita income growth, educational attainment and growth in employment opportunities.
The regional allocations are:
Accelerate Rural Indiana – awarded $30 million
Led by: Accelerate Rural Indiana Regional Development Authority
Counties: Decatur, Rush, Shelby + City: Batesville
“Having previously blazed a path of rural excellence in Southeastern Indiana through READI 1.0, Accelerate Rural Indiana communities will capitalize on the $30 million READI 2.0 investment to prove that housing growth, job creation, entertainment attraction, and – most importantly – population growth in rural regions is possible,” the authority said.
Central Indiana – awarded $45 million
Led by: Central Indiana Regional Development Authority
Counties: Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Morgan, Putnam
East Central – awarded $35 million
Led by: East Central Indiana Regional Partnership
Counties: Blackford, Delaware, Fayette, Grant, Henry, Jay, Randolph, Wayne
“I am incredibly proud of the work that was put in across the region to make this award a reality,” said ECIRP CEO Trevor Friedeberg. “I speak for nearly 400,000 residents of ECI in thanking Governor Holcomb, Secretary Rosenburg, the Indiana Economic Development Corporation, and everyone who coordinated, collaborated, and came together to make this possible. With this award we will accelerate growth in our region that will have an impact for years to come.
Greater Lafayette – awarded $35 million
Led by: Greater Lafayette Commerce Community and Economic Development Foundation
Counties: Benton, Carroll, Fountain, Montgomery, Tippecanoe, Warren, White
Indiana First – awarded $15 million
Led by: Southwest Indiana Development Council
Counties: Harrison, Knox, Perry, Pike, Spencer
Indiana Uplands – awarded $30 million
Led by: Regional Opportunity Initiatives Inc.
Counties: Brown, Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Monroe, Orange, Owen
North Central – awarded $35 million
Led by: North Central Indiana Regional Planning Council
Counties: Cass, Clinton, Fulton, Howard, Miami, Tipton
Northeast – awarded $45 million
Led by: Northeast Indiana RDA
Counties: Adams, Allen, DeKalb, Huntington, LaGrange, Kosciusko, Noble, Steuben, Wabash, Wells, Whitley
“With the support and encouragement of the IEDC, our region assembled a creative, aggressive and, we believe, highly innovative strategy to increase job growth, diverse housing opportunities, expand childcare and invest in education and quality of life in Northeast Indiana,” RDA Executive Director Ryan Twiss said. “While today’s news is wonderful, the real work starts now.”
Northwest – awarded $45 million
Led by: Northwest Indiana Forum
Counties: Lake, Porter, LaPorte, Jasper, Newton, Pulaski, Starke
Our Southern Indiana – awarded $45 million
Led by: Our Southern Indiana Regional Development Authority
Counties: Clark, Floyd, Jefferson, Scott, Washington
“Our region has seen our potential for many years, and it’s good to see that our state leaders are seeing it, too,” said Our SoIN RDA Chair Dana Huber. “We are also extremely grateful for our community members that have been participating in the READI process. Without our partners and community, we would not have been successful with the initial or this newest round of READI. We look forward to our continued work and investing in our region’s future. With our local leadership in place, we anticipate making generational impacts across the region.”
South Bend-Elkhart – awarded $45 million
Led by: Northern Indiana Regional Development Authority
Counties: Elkhart, Marshall, St. Joseph
“READI 1.0 was a learning experience for us all, and we knew the competition would be fierce for READI 2.0,” said Bethany Hartley, President and CEO of the South Bend – Elkhart Regional Partnership. “We are excited to be among the six regions awarded $45 million in READI 2.0 funds, and appreciate the continued support from the IEDC. The first round of READI has brought so many exciting new projects to our communities – we can’t wait to see what comes next.”
South Central – awarded $30 million
Led by: Southern Indiana Housing and Community Development Corporation
Counties: Bartholomew, Jackson, Jennings + Town: Edinburgh
Southeast – awarded $10 million
Led by: SEI READI Inc.
Counties: Dearborn, Ohio, Switzerland, Union, Franklin, Ripley (excludes city of Batesville)
Southwest – awarded $45 million
Led by: Southwest Indiana RDA (SWIRDA)
Counties: Gibson, Posey, Vanderburgh, Warrick
“The Evansville Region’s compelling READI 2.0 plan enables our Talent EVV efforts through transformational capital projects including new housing, new jobs and new quality of life amenities,” said Josh Armstrong, chief economic development officer of the Evansville Regional Economic Partnership. “READI 2.0 grants will provide monetary and expertise resources to selected projects that align with our strategies, allowing projects to move forward more quickly and more completely, than without grant support. These funds will generally match other funds already assembled for projects.”
Wabash River – awarded $10 million
Led by: Wabash River RDA
Counties: Clay, Parke, Sullivan, Vermillion, Vigo
The IEDC said it will now coordinate with each region to identify specific projects that will receive investment through their READI allocations. The regions will also be tasked with identifying specific blight reduction and arts and culture initiatives that could receive additional funding through the Lilly Endowment grants.
We’ll have more on the READI program from Indiana Secretary of Commerce David Rosenberg in Friday’s INside Edge Morning Briefing newsletter.
