Another $500 million in READI grants announced for communities across Indiana
(INDIANA CAPITAL CHRONICLE) — Fifteen regions across Indiana are set to receive a share of $500 million in new economic development grants meant to boost the state’s quality of life, place and opportunity, Gov. Eric Holcomb and other state leaders announced Thursday.
The dollars are part of Indiana’s second Regional Economic Acceleration and Development Initiative, better known as READI 2.0 — a grant-loan program that has been a signature policy of Holcomb’s administration.
All 92 counties will be impacted by projects funded through the program. Among those are plans to increase available housing, develop new work-based learning partnerships, add support for small businesses and expand child care options. Also anticipated are new parks, trails and other attractions that improve day-to-day life within dozens of Hoosier communities and make the state a magnet for talented workers and their families.
“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. “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 – READI 2.0 – 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 Indiana Economic Development Corp. (IEDC) board approved the investment commitments and regional allocations during a board meeting on Thursday.
The investment comes alongside a separate $250 million in grant funding to be awarded by the Lilly Endowment Inc.
The announcement grows the state’s overall READI commitment to $1 billion. Holcomb — who is term-limited — launched the program in 2021.
Before that, a similar Regional Cities Initiative, funneled $126 million into regional development.
READI 2.0’s 15 regions started developing their funding proposals last summer. They had until February to submit proposals. As part of the funding deliberations, the IEDC, the quasi-public agency administering the program, held numerous forums and visited the regions to discuss their previous investments and future plans.
The maximum award per region was $75 million, an increase from the previous cap of $50 million. None of the regional awards were valued over $45 million, however.
Holcomb said that’s because all 15 regions cleared a “very high bar.”
“We wanted to make sure that we followed through and looked at disadvantaged and rural areas … which we did, the allocation reflects that, but also that we were able to do projects that were all over the state of Indiana. So, it brings down that $75 million,” the governor said. “As you see the sheer number of quality projects, I would have loved to have had a billion dollars. … But I think we very methodically arrived at — what was not just fair — but what was effective in spurring economic and population growth and attracting talent.”
This story will be updated.