Holcomb Awards $500M To Indiana READI Regions
December 15, 2021 at 2:33 a.m.
By Staff Report-
This competitive process considered applications for the Indiana Regional Economic Acceleration and Development Initiative (READI), according to a news release from the governor’s office. The total requests tripled the allocated $500 million READI budget, as submissions from the 17 regions amounted to more than $1.5 billion in demand and detailed nearly 800 projects and programs with a potential investment of $15.2 billion.
Of the $500 million, $50 million was awarded to Northeast Indiana, led by the Northeast Indiana Regional Development Authority (RDA). It includes the counties of Lagrange, Steuben, Noble, Kosciusko, Whitley, Allen, Wabash, Huntington, Wells and Adams.
A news release from the Northeast Indiana RDA states the RDA will leverage the READI funding to support the “Growing with Vision” plan, which showcases over 130 projects from across Northeast Indiana totaling more than $2 billion of investment.
“We’re thankful to the IEDC for their continued trust in Northeast Indiana and the Growing with Vision plan. Thanks to this critical READI funding, we will accelerate Northeast Indiana’s economic growth and transform our region into a globally-recognized magnet for the best businesses and talent,” said Gene Donaghy, president of the Northeast Indiana RDA.
The $50 million will make a significant impact in the region, accelerating Northeast Indiana’s workforce growth, downtown revitalization and entrepreneurship and innovation.
“As elected officials, we understand the importance of working collaboratively to ensure the growth of our region. We are thankful the IEDC believes in the Growing with Vision plan and for funding this strategy,” said Steve McMichael, mayor of New Haven and president of the Mayors and Commissioners Caucus of Northeast Indiana.
Once the agreement between the RDA and the IEDC is finalized, the RDA will begin hearing project proposals for funding.
Visit the website at www.neindiana.com/growingwithvision to see a video, photos, presentation materials and more.
“The 17 regions submitted innovative, creative and visionary projects that will result in a positive economic impact on Indiana’s future,” said Holcomb. “It took immense collaboration between communities as they put aside their own visions and worked together to present the best plan for the region. These plans will shape Indiana for generations to come and bring value to our state like nothing we’ve witnessed before. I want to thank the general assembly for having the courage and leadership to prioritize this initiative.”
The READI review committee, an external seven-member citizen committee, reviewed and scored the plans based on the established guidelines and against other relevant data, including historical population trends. All 17 regions presented to the external review committee, allowing each region to present an overview of its plan to distill its vision, goals and strategies to positively impact the area’s quality of place, innovation, entrepreneurship, talent attraction and workforce development. Following the evaluation, the READI review committee members proposed funding recommendations to the IEDC Board of Directors.
“Congratulations to the 17 regional recipients who worked so hard for their communities. We’ve been impressed by their hard work and commitment to positively impacting the state,” said Chambers. “Thank you also to the citizen-members of the external review committee for their diligent work in meticulously reviewing thousands of pages of proposals. This bold initiative sets the national standard for regional development and advancement and will build even more momentum as Indiana continues to lead.”
The regional redevelopment plans included housing, trails, broadband, childcare and wellness initiatives, workforce development programs, and telling Indiana’s story to the world. The plans enumerated a nearly 10:1 capitalization leverage ratio from private and public sources as compared to state investment, the news release states.
The IEDC will begin to execute grant agreements with regions while providing training and guidance on federal requirements. Regional leadership will collaborate with the IEDC to prioritize projects and maximize investment.
Launched by Holcomb and led by the IEDC, READI builds on the framework and successes of the Indiana Regional Cities Initiative and the 21st Century Talent Initiative, encouraging regional collaboration and data-driven, long-term planning that, when implemented, will attract and retain talent in Indiana, the news release states. The $500 million READI fund was passed by legislation during the 2021 session.
More information on the READI review committee, as well as links to download each region’s proposal and presentation, is available at IndianaREADI.com.
This competitive process considered applications for the Indiana Regional Economic Acceleration and Development Initiative (READI), according to a news release from the governor’s office. The total requests tripled the allocated $500 million READI budget, as submissions from the 17 regions amounted to more than $1.5 billion in demand and detailed nearly 800 projects and programs with a potential investment of $15.2 billion.
Of the $500 million, $50 million was awarded to Northeast Indiana, led by the Northeast Indiana Regional Development Authority (RDA). It includes the counties of Lagrange, Steuben, Noble, Kosciusko, Whitley, Allen, Wabash, Huntington, Wells and Adams.
A news release from the Northeast Indiana RDA states the RDA will leverage the READI funding to support the “Growing with Vision” plan, which showcases over 130 projects from across Northeast Indiana totaling more than $2 billion of investment.
“We’re thankful to the IEDC for their continued trust in Northeast Indiana and the Growing with Vision plan. Thanks to this critical READI funding, we will accelerate Northeast Indiana’s economic growth and transform our region into a globally-recognized magnet for the best businesses and talent,” said Gene Donaghy, president of the Northeast Indiana RDA.
The $50 million will make a significant impact in the region, accelerating Northeast Indiana’s workforce growth, downtown revitalization and entrepreneurship and innovation.
“As elected officials, we understand the importance of working collaboratively to ensure the growth of our region. We are thankful the IEDC believes in the Growing with Vision plan and for funding this strategy,” said Steve McMichael, mayor of New Haven and president of the Mayors and Commissioners Caucus of Northeast Indiana.
Once the agreement between the RDA and the IEDC is finalized, the RDA will begin hearing project proposals for funding.
Visit the website at www.neindiana.com/growingwithvision to see a video, photos, presentation materials and more.
“The 17 regions submitted innovative, creative and visionary projects that will result in a positive economic impact on Indiana’s future,” said Holcomb. “It took immense collaboration between communities as they put aside their own visions and worked together to present the best plan for the region. These plans will shape Indiana for generations to come and bring value to our state like nothing we’ve witnessed before. I want to thank the general assembly for having the courage and leadership to prioritize this initiative.”
The READI review committee, an external seven-member citizen committee, reviewed and scored the plans based on the established guidelines and against other relevant data, including historical population trends. All 17 regions presented to the external review committee, allowing each region to present an overview of its plan to distill its vision, goals and strategies to positively impact the area’s quality of place, innovation, entrepreneurship, talent attraction and workforce development. Following the evaluation, the READI review committee members proposed funding recommendations to the IEDC Board of Directors.
“Congratulations to the 17 regional recipients who worked so hard for their communities. We’ve been impressed by their hard work and commitment to positively impacting the state,” said Chambers. “Thank you also to the citizen-members of the external review committee for their diligent work in meticulously reviewing thousands of pages of proposals. This bold initiative sets the national standard for regional development and advancement and will build even more momentum as Indiana continues to lead.”
The regional redevelopment plans included housing, trails, broadband, childcare and wellness initiatives, workforce development programs, and telling Indiana’s story to the world. The plans enumerated a nearly 10:1 capitalization leverage ratio from private and public sources as compared to state investment, the news release states.
The IEDC will begin to execute grant agreements with regions while providing training and guidance on federal requirements. Regional leadership will collaborate with the IEDC to prioritize projects and maximize investment.
Launched by Holcomb and led by the IEDC, READI builds on the framework and successes of the Indiana Regional Cities Initiative and the 21st Century Talent Initiative, encouraging regional collaboration and data-driven, long-term planning that, when implemented, will attract and retain talent in Indiana, the news release states. The $500 million READI fund was passed by legislation during the 2021 session.
More information on the READI review committee, as well as links to download each region’s proposal and presentation, is available at IndianaREADI.com.
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