Leslie Bonilla/Indiana Capital Chronicle Indiana Gov. Eric Holcomb answers reporter questions at the groundbreaking for Eleven Park on May 31, 2023.
INDIANAPOLIS — Indiana’s second Regional Economic Acceleration and Development Initiative — better known as READI 2.0 — is in motion, Gov. Eric Holcomb announced Tuesday.
Hoosier leaders want the $500 million grant-loan program to enable new projects boosting the state’s quality of life, place and opportunity. And it’s time to start readying proposals.
“Innovation knows no boundaries and there’s no limit to what can be accomplished when we work together to better the lives of Hoosiers,” Holcomb said in a news release.
“This transformative program will fund projects that lean into a region’s strengths while building community gathering places, accessible parks, performing arts centers and expanding the trail system that will have generational impact across each region and with every person who visits our great state,” he continued.
READI 2.0’s 15 regions should begin developing their funding proposals this month, according to a timeline the administration released Tuesday. They’ll have until late February.
Meanwhile, the Indiana Economic Development Corp. (IEDC), the quasi-public agency administering the program, will hold forums and visit the regions to discuss their previous investments and future plans.
The IEDC expects its board to meet in April to approve investment commitments and regional allocations. In May, the entity plans to start coordinating with regions to identify specific projects for investment. The maximum award per region is $75 million, an increase from the previous cap of $50 million.
READI has been a signature policy of Holcomb’s administration. The outgoing governor — he’s term-limited — launched the program in 2021.
The 17 regions in READI 1.0 have been awarded $487 million of the original $500 million appropriation, according to the news release. It’s going toward 361 projects and programs.
And the state’s money is backed up by $12.2 billion in public, private and nonprofit funds. The administration said every state dollar averaged a $26 match during READI’s first round.
Projects highlighted on READI’s website include community, sports and early learning centers; housing and riverfront developments; innovation and technology projects. Leaders maintain high hopes for the next round.
“In Indiana, there is no greater priority for us as leaders than to work in unison to improve Indiana’s standing as the best location to live, work, play, study and stay,” Holcomb said.
The Indiana Capital Chronicle covers state government and the state legislature. For more, visit indianacapitalchronicle.com.
