Governor Eric J. Holcomb announced plans to award $500 million to 15 regions representing all 92 counties to support quality of place and quality of life initiatives statewide.
The funding, made available through the expansion of the Indiana Regional Acceleration and Development Initiative (READI), was approved Thursday by the Indiana Economic Development Corporation (IEDC) board of directors at a special session hosted by the governor and Secretary of Commerce David Rosenberg. READI 2.0 will grow the state’s overall program commitment to $1 billion, marking an unprecedented state-led investment in cultivating vibrant, modern and sustainable communities that attract and retain top talent.
In February, the 15 regions submitted proposals for READI 2.0 funding, outlining each region’s vision for its future as well as growth strategies and action plans to improve its quality of life, quality of place and quality of opportunity. An external review committee evaluated the applications based on a variety of factors, including economic development potential, alignment with the state’s priorities, such as population growth, per capita income growth, growth in employment opportunities, educational attainment, housing units developed, childcare capacity and innovation activities as well as the level of focus on rural communities, and the degree of regional collaboration.
The 15 regions awarded funding through READI 2.0 will be eligible to access an additional $250 million grant awarded by Lilly Endowment Inc. (LEI) to enhance the impact of Indiana’s investments through READI, focusing on projects targeting blight reduction and redevelopment and enhancing Indiana’s vibrant arts and culture ecosystem. Based on the plans outlined in READI 2.0 applications, the state’s $500 million investment alone is expected to yield nearly $11 billion overall invested in increasing the vibrancy and prosperity of Hoosier communities.
Locally, the Northwest Indiana Forum was the recipient of $45 million which includes Lake, Porter, La Porte, Jasper, Newton, Pulaski, and Starke Counties. The Northern Indiana Regional Development Authority was awarded $45 million which includes Elkhart, Marshall, and St. Joseph Counties.
Now that investment allocations have been finalized, the IEDC will coordinate with each of the 15 areas to identify regionally significant capital and infrastructure projects for investment. In conjunction with these discussions, each region will identify specific projects focused on blight reduction and redevelopment as well as arts and culture initiatives for funding opportunities made possible with the support of Lilly Endowment Inc.
