Governor, IEDC to announce READI 2.0 grant allocations

Gov. Eric Holcomb and the Indiana Economic Development Corp. are set to unveil the recipients of grant funding from the second round of the Regional Economic Acceleration and Development Initiative, or READI 2.0.

The IEDC Board of Directors will vote to approve the regional allocations during a public meeting in Indianapolis on Thursday.

Fifteen regions representing all 92 counties have submitted proposals for the $500 million program, which the state estimates will generate at least $3 billion in local public and private investment for quality of life, economic development and workforce development projects.

The number of regions participating in this year’s READI program is down from 17 in READI 1.0. That’s because three regions in central Indiana—White River, 180 Alliance and Mt. Comfort—came together to form the singular Central Indiana Regional Development Authority.

The Indiana General Assembly approved funding for the program during last year’s legislative session. READI 2.0 was part of Holcomb’s 2023 Next Level Agenda, but the program received a significant boost earlier this year.

In January, Indianapolis-based Lilly Endowment Inc. announced it was awarding an additional $250 million to support specific types of READI 2.0 projects. It was the largest single gift in the endowment’s history.

The IEDC said it would allocate $185 million of the endowment funding to support the redevelopment or rehabilitation of blighted properties. The remainder would support what the agency said will be a first-of-its-kind statewide arts and culture initiative.

The READI program awarded the first round of $500 million grant funding in December 2021. The IEDC said the program leveraged a combined $12.6 billion in investment from public, private and not-for-profit sources supporting more than 360 projects and programs.

The maximum grant allocation for READI 2.0 has been increased to $75 million.