Indiana allocates $500 million in READI 2.0 funding

The Indiana Economic Development Corp. board of directors on Thursday approved $500 million in funding from the second round of the Regional Economic Acceleration and Development Initiative, or READI 2.0. Fifteen regions will share in the funding.

The regional funding allocations were announced by Gov. Eric Holcomb and the IEDC at the agency’s public meeting in Indianapolis.

Six regions, including central Indiana, each received the highest allocation of $45 million. Based on plans outlined in the regions’ funding applications, the grants are expected to yield about $11 billion in additional public and private investment, the IEDC said.

“Indiana is leading the way in future-focused investments in our economy and in our communities, ensuring that all Hoosiers of today and tomorrow have the opportunity to prosper,” Holcomb said in a news release. “READI has already resulted in more than $12.6 billion invested in quality of place and quality of life assets. The second iteration of the initiative, along with additional committed investments from the Lilly Endowment, will bring billions more to Hoosier neighborhoods, preparing communities, industry and talent for the next generation and beyond.”

The funding is designed to support quality of life, economic development and workforce development projects.

Each region will also be eligible to receive additional funding from the $250 million gift provided by Indianapolis-based Lilly Endowment Inc. to support blight reduction efforts and the creation of new arts and culture initiatives.

The IEDC said an external review committee evaluated each region’s applications on factors such as economic development potential and alignment with the state’s priorities such as population growth, per capita income growth, educational attainment and growth in employment opportunities.

The regional allocations:

Accelerate Rural Indiana – awarded $30 million
Led by: Accelerate Rural Indiana Regional Development Authority
Counties: Decatur, Rush, Shelby + City: Batesville

“Having previously blazed a path of rural excellence in Southeastern Indiana through READI 1.0, Accelerate Rural Indiana communities will capitalize on the $30 million READI 2.0 investment to prove that housing growth, job creation, entertainment attraction, and – most importantly – population growth in rural regions is possible,” the authority said.

Central Indiana – awarded $45 million
Led by: Central Indiana Regional Development Authority
Counties: Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Morgan, Putnam

East Central – awarded $35 million
Led by: East Central Indiana Regional Partnership
Counties: Blackford, Delaware, Fayette, Grant, Henry, Jay, Randolph, Wayne

Greater Lafayette – awarded $35 million
Led by: Greater Lafayette Commerce Community and Economic Development Foundation
Counties: Benton, Carroll, Fountain, Montgomery, Tippecanoe, Warren, White

Indiana First – awarded $15 million
Led by: Southwest Indiana Development Council
Counties: Harrison, Knox, Perry, Pike, Spencer

Indiana Uplands – awarded $30 million
Led by: Regional Opportunity Initiatives Inc.
Counties: Brown, Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Monroe, Orange, Owen

North Central – awarded $35 million
Led by: North Central Indiana Regional Planning Council
Counties: Cass, Clinton, Fulton, Howard, Miami, Tipton

Northeast – awarded $45 million
Led by: Northeast Indiana RDA
Counties: Adams, Allen, DeKalb, Huntington, LaGrange, Kosciusko, Noble, Steuben, Wabash, Wells, Whitley

Northwest – awarded $45 million
Led by: Northwest Indiana Forum
Counties: Lake, Porter, LaPorte, Jasper, Newton, Pulaski, Starke

Our Southern Indiana – awarded $45 million
Led by: Our Southern Indiana Regional Development Authority
Counties: Clark, Floyd, Jefferson, Scott, Washington

South Bend-Elkhart – awarded $45 million
Led by: Northern Indiana Regional Development Authority
Counties: Elkhart, Marshall, St. Joseph

South Central – awarded $30 million
Led by: Southern Indiana Housing and Community Development Corporation
Counties: Bartholomew, Jackson, Jennings + Town: Edinburgh

Southeast – awarded $10 million
Led by: SEI READI Inc.
Counties: Dearborn, Ohio, Switzerland, Union, Franklin, Ripley (excludes city of Batesville)

Southwest – awarded $45 million
Led by: Southwest Indiana RDA (SWIRDA)
Counties: Gibson, Posey, Vanderburgh, Warrick

“The Evansville Region’s compelling READI 2.0 plan enables our Talent EVV efforts through transformational capital projects including new housing, new jobs and new quality of life amenities,” said Josh Armstrong, chief economic development officer of the Evansville Regional Economic Partnership. “READI 2.0 grants will provide monetary and expertise resources to selected projects that align with our strategies, allowing projects to move forward more quickly and more completely, than without grant support. These funds will generally match other funds already assembled for projects.”

Wabash River – awarded $10 million
Led by: Wabash River RDA
Counties: Clay, Parke, Sullivan, Vermillion, Vigo

The IEDC said it will now coordinate with each region to identify specific projects that will receive investment through their READI allocations. The regions will also be tasked with identifying specific blight reduction and arts and culture initiatives that could receive additional funding through the Lilly Endowment grants.