Indiana Announces $500M READI 2.0 Program Details

Yesterday the State of Indiana released information on the much-anticipated READI 2.0 program. Below are the key take-aways, as well as links to the full release and program website. We look forward to how this program will impact our state and regions!

Total Available Funding

• $500 million across 15 regions (see regions map)
• maximum commitment to a region = $75 million

Application Procedure

• The IEDC will provide a standardized application form titled Regional Economic Acceleration and Development Strategy (application) that must be used by each region submitting a proposal for funding through the READI 2.0 initiative.
• A brand-new strategic plan is not needed. Instead, the regions should use the plans developed in 2021 as the baseline for a revised Regional Economic Acceleration and Development Strategy to be used as its funding application to IEDC.
• A region’s Regional Economic Acceleration and Development Strategy (application) will be evaluated based on the strength of the vision in their proposal, its economic impact, focus on rural communities, alignment to economic development objectives/KPIs and collaboration among state, regional and community stakeholders.
• See policy document for specific application content guidelines.

Eligibility Requirements

• Entities permitted by Indiana Code § 5-28-43-2 to submit an application for a grant or loan from the fund include:
  • A regional development authority (RDA) including those formed under:
    • IC 36-7.5
    • IC 36-7.6
    • IC 36-7.7
  • A regional strategic development commission established under IC 36-7-39
  • A qualified nonprofit organization formed to support economic development across the region, and which does not represent a single interest group or local unit(s) within a single county.

Goals and Focus Areas

• Quality of Life
  • Projects that directly impact the well-being and health of residents
  • Tourism, arts, culture and community projects
  • Family-support initiatives (Childcare and healthcare access)
  • Trails and parks (Active recreation and public spaces
• Quality of Place
  • Projects that directly impact essential community infrastructure
  • Housing availability and affordability (New and rehabilitated units)
  • Growth infrastructure (Water, sewer, roads, and utilities)
  • Mixed-used developments (Residential and commercial along with a mix of other uses)
  • Blight Remediation and Redevelopment
• Quality of Opportunity
  • Projects that generate economic opportunities for current and future residents
  • Infrastructure leading directly to jobs
  • Talent supply and education (Talent development and attraction)
  • Innovation and entrepreneurship

Metrics/KPIs

• Population growth
• Per-capita income growth
• Increase in employment opportunities
• Educational attainment
• Number and affordability of housing units developed
• Increase in childcare capacity
• Increase in innovation activities
• Increase in private investment

Match Requirements

• 4:1 regional match across portfolio of projects
  • 1:1 match from local public funding
  • 3:1 match from private and philanthropic sources
  • at least 60% of match should be from private sources

Award Details

• An award allocation to a region will not be for specific projects, rather a commitment to the implementation of their Regional Economic Acceleration and Development Strategy.
• After making an award to a region, the IEDC will participate in project identification, evaluation, selection decisions and project execution with the region.

Timeline

• September 2023 – February 2024: Regions develop funding proposals.
• September 2023 – February 2024: IEDC visits each participating region to see READI 1.0 investments and discuss future vision and strategy.
• February 23, 2024: Regional proposals due to the IEDC.
• April 2024: Proposed IEDC board approval of investment commitments and allocations to regions. Exact date to be announced at a later date.
• May 2024: IEDC begins coordination with regions in identifying regionally significant capital and infrastructure projects for investment.

Resources

• READI 2.0 Press Release: https://events.in.gov/event/gov_holcomb_rolls_out_next_500m_for_readi_20?utm_campaign=widget&utm_medium=widget&utm_source=State+of+Indiana
• READI 2.0 Program Website: https://indianareadi.com/resources​