INDIANAPOLIS — Gov. Eric Holcomb said Tuesday that 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 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. The funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested in communities.
READI 2.0 builds on the momentum of READI 1.0, which awarded $487 million to 353 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 is evaluated on factors including economic development potential, level of focus on rural communities, 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.
• Indiana First, led by the Southwest Indiana Development Council for Knox, Pike, Perry, Spencer and Harrison Counties
Proposal Themes: Encourage development by investing in infrastructure and increasing the availability of shovel-ready sites; future-proof regional workforce and create opportunities for upskilling; diversify region’s economy and foster innovation, entrepreneurship, and business attraction and retention; increase housing options; and provide amenities and services that support population growth and diversification.
Chris Pfaff, Knox County Indiana Economic Development director, said late last year while the regional plan was being drafted, that housing development would be a key priority for the county’s role.
In the first READI program, the Indiana First Region secured $15 million of state funds that were leveraged to create $153 million in private investments. Vincennes University was able to get around $2.1 million and Knox County around $3 million.
• Southwest, led by Southwest Indiana Regional Development Authority (SWIRDA) for Gibson, Posey, Vanderburgh, Warrick Counties
Proposal Themes: Foster population growth and upward mobility by connecting 50 miles of riverfront with inspiring public amenities, attractions and housing; grow high-paying jobs; improve quality of place for healthier residents; build housing near employment clusters; and capitalize on the I-69 Ohio River Crossing to create new regional opportunities.
• Wabash River, led by the Wabash River Regional Development Authority for Clay, Parke, Sullivan, Vermillion, Vigo Counties.
Proposal Themes: Prioritize regional increases in population growth and retention, per capita income and educational attainment rates by investing in early childhood education; innovation, education and workforce training; housing availability; and destination and recreational development.
• Indiana Uplands, led by the Regional Opportunity Initiatives Inc. for Brown, Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Monroe, Orange, Owen Counties
Proposal Themes: Grow the region’s capacity as a national innovation hub by leveraged advanced technologies in key employment sectors (advanced manufacturing, life sciences, and national security and defense) by focusing on critical housing, infrastructure and place-based assets; developing and attracting in-demand talent; and enhancing the region’s unique cultural, artistic, physical and livable amenities.
The IEDC will review and assess the submitted plans before making formal recommendations to the IEDC board of directors 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.
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