Our Southern Indiana RDA Chair Dana Huber described Friday as a “monumental day” as 21 projects were approved for READI funding.
Photo by Brooke McAfee | News and Tribune
SOUTHERN INDIANA — The Jeffboat redevelopment project in Jeffersonville was selected to receive the highest amount of the region’s READI funding at $6.5 million.
The Our Southern Indiana Regional Development Authority voted Friday to approve 21 projects for funding. They will be submitted to the Indiana Economic Development Authority, which will provide final approval for the projects.
The region was awarded $45 million in READI funds in the second round of the grant program. The funding will support projects in Clark, Floyd, Jefferson, Scott and Washington counties.
Cory Cochran, executive director of River Hills Economic Development District, said the IEDC will review the information and “either accept or decline each individual project.”
Cochran is working with the RDA to administer the READI program.
“Once a project is accepted, we’ll start moving forward the construction or whatever we need to do for that project,” he said. “So within the next six months, hopefully you’ll see some dirt being moved and projects being constructed.”
Our Southern Indiana Chair Dana Huber said the announcement was a “monumental day for our five counties.”
“We’ve had a lot of people that have been so supportive at the state level,” she said. “We’re very appreciative of that, and I feel like we’re putting their money into action and actually into the priorities that they’ve outlined for us.”
The projects include priority areas such as housing, childcare, economic development and quality of life.
Jeffersonville Mayor Mike Moore said the allocation of READI funds is “big news” for the city and the Jeffboat development. He also hopes for the project to receive additional funding from the IEDC and the Lilly Endowment grant program.
“This gives us a lot of ammunition to make this project a reality,” Moore said.
The transformation of the 100-acre former shipyard will include restaurants, entertainment, public spaces, offices and residential developments.
Moore said the project will cost more than $1 billion. The READI funding will help with the infrastructure, which will be a “huge part of the expense.”
“The funds from this are going to be put to work right away, and I think you’ll start to see activity over there in 2025,” he said. “In 2026, I think you’re going to start to see some structures going up.” Paul Wheatley, founder and principal at The Wheatley Group, said the advisory firm is involved in multiple projects that the RDA approved for READI funding, including the Jeffboat redevelopment, the Padgett District redevelopment in New Albany and the Mason Manor housing development in Salem.
“[Jeffboat] is a unique project because there are a lot of dollars that have to go into all the horizontal prep — the land prep, the infrastructure — just to get it ready to go vertical with the buildings,” he said. “We’re really excited about it.”
The Padgett District project in New Albany is receiving $5 million in READI funds. It will include multi-family housing with a commercial component.
The funding will help with infrastructure needed to proceed with the project, which includes the block along Culbertson Avenue and E. Oak Street from Pearl Street to Fourth Street.
“The issue with the site is a storm pipe — it’s very expensive and it kind of cuts across it,” Wheatley said. “So without that infrastructure support from the state and the Our Southern Indiana RDA, it’s impossible. It’s just a huge impediment to development.”
Wheatley said he is happy to see the five-county region “collaborate on projects that raise the bar for everyone.”
“The economic impact, the job creation, the housing — all of that serve the community at large and the entire [metropolitan area], really,” he said. “I just think it’s really cool to see state and local units of government and private development collaborate this way.”
Kevin Kellems, a member of the RDA board, thanked the project leads for their work.
“This has been a long process, a lot of hard work [and] many stakeholders,” he said. “We’re seeing regionalism actually take hold now where people are focusing on not just what’s best in my community or in my backyard, but what is best for our area, for our region.”
Kellems said he was pleased with the quality of projects submitted for READI 2.0.
“It produced a very positive list with a great deal of potential,” he said. “It will help spur added growth for the region and for each of these communities.”
Before READI 2.0 funds are provided, at least 65% of funds from the grant’s first round must be dispersed. More than 55% of those funds have been dispersed.
Cochran said the RDA could have READI 2.0 funds available as soon as March, but it could be closer to May or June.
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