Yahoo Finance Holcomb awards READI 2.0 funding
Apr. 12—INDIANAPOLIS — Elkhart, LaGrange, Noble and Kosciusko counties are included in a new statewide investment program.
On Thursday, Gov. Eric 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 today by the Indiana Economic Development Corporation 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.
"Indiana is leading the way in future-focused investments in our economy and in our communities, ensuring that all Hoosiers of today and tomorrow have the opportunity to prosper," said Holcomb in a news release. "READI has already resulted in more than $12.6 billion invested in quality of place and quality of life assets. The second iteration of the initiative — READI 2.0 — along with additional committed investments from the Lilly Endowment, will bring billions more to Hoosier neighborhoods, preparing communities, industry and talent for the next generation and beyond."
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.
Local allocations include:
* $45 million for South Bend-Elkhart, led by Northern Indiana Regional Development Authority for Elkhart, Marshall and St. Joseph Counties.
* $45 million for Northeast, led by Northeast Indiana RDA, including Adams, Allen, DeKalb, Huntington, LaGrange, Kosciusko, Noble, Steuben, Wabash, Wells and Whitley Counties.
This funding will build on the momentum of the state's initial commitment to READI, which has yielded $12.6 billion (26:1 investment leverage ratio) in committed capital investments by public and private sources in Indiana's communities. The 15 regions awarded funding through READI 2.0 will be eligible to access an additional $250 million grant awarded by Lilly Endowment Inc. 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.
More information on READI 2.0 — including evaluation frameworks, links to download the regions' application economic summaries, etc. can be found at IndianaREADI.com.
