One year after the northeast Indiana region was awarded $42 million in State grants through the Regional Cities Initiative, and the 11-county region has already designated nearly 20 projects to receive funding.
Of the six Wabash-based projects included in the region’s original Regional Cities grant application, one is slated to receive funding while two others are under consideration by the Northeast Indiana Regional Development Authority (RDA), which oversees distribution of the grants.
But the grant fund has quickly depleted and the seven projects currently under consideration by the RDA exceed available funding.
The Eagles Theatre restoration and Wabash River Trail extension are among the projects under review.
Keith Gillenwater, president and CEO of the Economic Development Group of Wabash County, said that he believes there is a modest chance the RDA could fund all seven projects.
“If we get investment from the State into these projects, that’s money coming into Wabash that we didn’t have to raise through local government or local philanthropy,” he said. “That’s outside investment coming in and saying, ‘We believe in what you’re doing in Wabash.’ We’ll be thankful for whatever we can get if people buy into our vision.”
In order to assist a larger number of projects, the Regional Development Authority may scale back funding previously awarded to projects that are eligible for other grants, according to Road to One Million Executive Director Michael Galbraith, who cited a redevelopment project in Fort Wayne as one example.
“In a project like that, we have the option to not disburse all of the funding previously awarded if their funding stack substantially changes,” Galbraith said, noting that tax credits may be available.
The Regional Cities Initiative is a state-administered block grant program designed to promote economic growth through population growth, centered around “regional cities.”
The idea was initially controversial for its use of public and private investment in so-called quality of life projects, which range from beautification projects to redevelopment of historic buildings to construction of bike trails and others.
Stakeholders in the northeast Indiana region note that population growth within the 11-county area has been a sluggish 0.7 percent. At this rate, the population would grow from 789,015 in 2015 to 841,907 by 2031, according to the region’s Road to One Million application. The Northeast Indiana Regional Partnership (NIRP), which submitted the region’s Regional Cities application, would like to see the population grow by 2.1 percent to 1 million residents by 2031, which would add 120,000 workers to the economy, according to the application.
Wabash County, which has witnessed a net decline in its population, will likely only receive Regional Cities grants for three projects, however.
Local stakeholders hoped to secure $300,000 in Regional Cities funding for the All-Inclusive Playground, but designs were not completed quickly enough to submit to the RDA before funding ran out.
“It doesn’t look possible at this point, barring some sort of hail Mary or additional funding that gets found,” Gillenwater said. “That puts it back on our community to raise additional money.”
The project has secured about $850,000 in public and private funding, or nearly 50 percent of the project goal, according to Wabash City Parks Superintendent Adam Hall.
Hall said that blueprints and final design specs are about 95 percent complete, with construction expected to begin this spring or summer.
Several other local projects were included in the region’s Road to One Million application, including the Roann Covered Bridge Park, Rock City Lofts and Eel River canoe launch, but these projects are unlikely to receive grants through the program.
Despite funding running low, stakeholders met with Gov. Eric Holcomb and the Indiana General Assembly this month to discuss Regional Cities and advocate for future funding through the initiative.
“Our hope is that the legislature sees the value of regionalism and can continue to support this,” Gillenwater said. “I think there are opportunities there.”
To date, an estimated $130.6 million in private investment has been leveraged for Regional Cities-related projects in the region, according to NIRDA.