Indiana is making half a billion dollars available for regions to invest in quality of place and talent attraction. The Regional Economic Acceleration and Development Initiative (READI) was officially launched by the Indiana Economic Development Corporation Monday.
Regions made up of counties, cities, and towns can apply for up to $50 million to help implement projects and programs designed to accelerate growth. That could include building workforce housing or redeveloping blighted properties, as well as helping businesses through revolving loan funds or manufacturing readiness grants.
Local communities would have to provide a four-to-one match, with at least a portion of that being public money. Communities have until July 1 to group themselves into regions, and their regional development plans are due by the end of August. The list of funding recipients could be finalized by the end of the year.
Locally, communities in Starke and Marshall counties have already formed regions with their own development plans, as part of the Indiana Office of Community and Rural Affairs’ regional Stellar Communities program. But READI appears to be a little different. For one thing, regions will be required to include communities in at least two different counties. The IEDC says READI builds on the framework of the Regional Cities and 21st Century Talent Regions initiatives, which also involved larger, multi-county regions.
Governor Eric Holcomb first announced the idea for the new regional initiative during January’s State of the State address, and the General Assembly funded the program as part of its budget. In a statement, the governor called READI “a once-in-a-generation opportunity to transform our state for residents and for future generations of Hoosiers.”
