The board of the Wabash River Regional Development Authority on Friday voted to approve an allocation of $2.85 million in REA DI 2.0 grant funds to support the Innovation Grove Project at Rose-Hulman Institute of Technology.
REA DI is a state-led effort that combines federal COVID-relief money with local government and private investment matches.
The goal is that each project works to advance the region’s quality of life, talent attraction and talent retention efforts.
“The Wabash River RDA chose Innovation Grove as a priority project due to its potential to significantly impact the local economy and foster innovation in the region,” Jon Ford, Wabash Valley RDA chair, said in a news release.
“This project aligns perfectly with our goals of enhancing the Wabash Valley’s competitiveness and supporting initiatives that drive sustainable growth and development,” Ford said.
Innovation Grove will include the expansion of Rose-Hulman Ventures, adding new business units and creating a mixed-use event space.
An earlier phase of the project, Rose Ventures, received $1.5 million in REA DI 1.0 funding, marking another important milestone in supporting innovation at Rose-Hulman and in the local community, the RDA said.
With a total project cost of $102.3 million, Innovation Grove is intended to l attract high-tech companies to Terre Haute, creating high-paying jobs and fostering deeper collaboration between Rose-Hulman’s engineering talent and businesses in various industries.
A groundbreaking ceremony took place Thursday during Rose-Hulman’s Homecoming weekend. The project is expected to be completed in 24 months.
The Wabash River RDA received $10 million in REA DI 2.0 funding on behalf of West Central Indiana. Projects awarded will be announced as they are approved for compliance through the process established by the Indiana Economic Development Corp.
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