Governor Eric J. Holcomb announced 15 regions representing all 92 counties submitted proposals for quality of life and quality of place funding through the expansion of the Indiana Regional Economic Acceleration and Development Initiative (READI 2.0).
READI 2.0 is allocating a second round of $500 million to accelerate community development investments statewide, and it will be invested alongside $250 million in grant funding awarded by the Lilly Endowment Inc. This funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
READI 2.0 will build on the momentum of READI 1.0, which has awarded $487 million to 353 unique projects and programs across the state, yielding $12.6 billion invested (26:1 investment leverage ratio) in quality of life, quality of place and quality of opportunity initiatives.
The READI 2.0 funding proposals outline each region’s overall vision for its future.
The Northwest Region, led by the Northwest Indiana Forum includes Lake, Porter, La Porte, Jasper, Newton, Pulaski, and Starke Counties. The proposal themes involve the creation of a dynamic economic environment fueled by innovation, diversity and talent by investing in the advanced energy sector, expanding investment-ready assets, developing opportunity campuses to support communities, enhancing destination development and amplifying regional innovation and creative cultures.
The South Bend-Elkhart Region, led by the Northern Indiana Regional Development Authority, includes Elkhart, Marshall and St. Joseph Counties. The proposal themes involve propeling the region into the future with strong investments to attract and retain talent, equipping tomorrow’s talent, driving innovation and entrepreneurship, accelerating industry diversification, and enhancing infrastructure.
The Indiana Economic Development Commission (IEDC) will review and assess the submitted plans before making formal recommendations to the IEDC board of directors on April 11. Once investment allocations are finalized, the IEDC will begin coordinating with each region to identify regionally significant capital and infrastructure projects for investment. Regions awarded funding allocations will also have the opportunity to submit projects focused on blight reduction and redevelopment as well as arts and culture initiatives for match funding through the Lilly Endowment Inc.
