INDIANAPOLIS – Governor Eric J. Holcomb on Tuesday 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, according to a news release from the Indiana Economic Development Corporation (IEDC).
“Indiana is leading the nation in quality of life and quality of place investment initiatives,” Holcomb said. “Through the state’s READI program, we’re collaboratively investing billions to grow Indiana’s population, cultivate vibrant and sustainable communities, and better the lives of all Hoosiers today and tomorrow.”
READI 2.0, which was part of the governor’s 2023 Next Level Agenda and approved by the Indiana General Assembly, was a direct response to the significant demand for quality of place investments from communities across the state, the release states. 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; an assessment of the current economic and community landscape; growth strategies and action plans to improve its quality of life, quality of place and quality of opportunity; and its successes and learnings from READI 1.0. Each proposal will be evaluated on a variety of factors, including economic development potential, the level of focus on rural communities, the degree of regional collaboration, and alignment with the state’s economic development priorities, such as population growth, per capita income growth, growth in employment opportunities, educational attainment, housing units developed, childcare capacity and innovation activities.
Local proposals include:
• North Central
Led by the North Central Indiana Regional Planning Council
Counties: Cass, Clinton, Fulton, Howard, Miami, Tipton
Proposal Themes: Maximize and build on recent regional momentum to ensure long-term dynamic growth. Accelerate leadership in innovation investment and advanced manufacturing and technological innovation by growing a skilled workforce; enriching the region with quality-of-life assets, such as housing and childcare; and supporting entrepreneurship and small business.
• Northeast
Led by the Northeast Indiana RDA
Counties: Adams, Allen, DeKalb, Huntington, LaGrange, Kosciusko, Noble, Steuben, Wabash, Wells, Whitley
Proposal Themes: Accelerate the region’s trajectory as an innovative, vibrant and winning region by growing hardtech and medtech industry leadership, fostering creative sector innovation, and supporting population growth through infrastructure, housing, childcare, education innovation, community connectivity and cultural vibrancy.
• South Bend-Elkhart
Led by the Northern Indiana Regional Development Authority
Counties: Elkhart, Marshall, St. Joseph
Proposal Themes: Propel the region into the future with strong investments to attract and retain talent, equip tomorrow’s talent, drive innovation and entrepreneurship, accelerate industry diversification, and enhance infrastructure.
The 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.
More information on READI 2.0, including application guidance and evaluation frameworks, as well as links to download the regions’ proposals, is available at IndianaREADI.com.
The IEDC is charged with growing the state economy, driving economic development, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.