The Accelerate Rural Indiana Regional Development Authority Friday approved for its board chair to sign a pre-approval letter from the Indiana Economic Development Corporation for the region’s first READI 2.0 project.
As the region closes in on disbursing almost 65 percent of the first round of its $20 million Regional Economic Advancement and Development Initiative grant, its leaders turned their heads toward a housing project on Shelbyville’s west side.
IEDC has implemented a project pre-approval process for projects receiving READI 2.0 funding, said Mason Gordon with HWC Engineering, the region’s engineering consultant. This round, projects the IEDC intends to approve are issued a pre-approval letter, which the region will have to sign within 30 days of receipt.
The RDA approved for Board Chair Bryan Robbins to sign the letter, and for him to sign any future pre-approval letters from IEDC to prevent potential timing issues. The board will still review every project that goes to and receives approval from IEDC prior to moving forward with each project’s execution. The region was awarded $30 million in READI 2.0 funds to allocate toward various projects.
The Shelbyville Westside Housing Project, as the board referred to it, is a phase II of the Eight37 Lofts project at 837 Webster Ave, Gordon said. The Shelbyville City Council approved the rezoning that green-lit this project in June 2023. At that time, TWG Development proposed 138 units with a mix of 1-, 2-, and 3-bedroom apartments.
“I am happy to report that our first project has received a pre-approval letter from IEDC,” he said. “So the Westside Shelbyville Housing Project is a multi-family apartment complex in Shelbyville. They were seeking IHCDA tax credits, and their application for that was due two weeks ago today [Friday]. They received bonus points if there were READI funds going toward those projects, and that was a project that Mayor [Scott] Furgeson had budgeted some READI funds to, so we were able to get that project [submitted], and IEDC expedited the approval of the projects seeking IHCDA tax credits.”
The board also discussed a few more potential Shelby County projects that have yet to receive any kind of IEDC approval. Among them are the Veterans Plaza and Nonprofit Center that the Shelby County Commissioners committed funding to last week, and a ARI Regional Childcare program that would involve Shelby Eastern Schools.
Commissioners approve financial commitment letters for READI 2.0 projects
In addition to READI 2.0 dollars, the region is also pursuing additional Lilly Endowment Gift VII funding.
Gordon said the Lilly Endowment is asking for letters of commitment to projects that dedicate READI 2.0 funding toward projects in pursuit of Gift VII funds. The board approved three letters.
“We have two projects that are Lilly Gift VII projects in which have been budgeted READI 2.0 dollars,” Gordon said. “The first one would be the nonprofit center in Shelby County, which was budgeted $1 million in READI 2.0 funds. That was also a project we submitted for an additional $500,000 of LEI blight funds.”
“The next one would be the regional childcare submittal,” he continued. “That project includes Shelby Eastern Schools childcare expansion, and childcare expansion into the Greensburg Learning Center. Both of those projects have been allocated $1 million each of the READI 2.0 budget.”
The third letter of commitment relates to a blight elimination project in Rush County. It was also allocated $1 million of the READI 2.0 budget.
These projects have not yet been approved by IEDC, nor have they been awarded Lilly Endowment funding. Both would have to happen for the projects to move forward.
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