Indiana Gov. Eric Holcomb this week announced the launch of the Indiana Regional Economic Acceleration and Development Initiative (READI), a bold, transformational initiative that will dedicate $500 million in state appropriations to promote strategic investments that will make Indiana a magnet for talent and economic growth.
Holcomb announced the concept of READI in his State of the State address in January, and the Indiana General Assembly funded the program as a part of its new biennial budget. READI is expected to attract at least $2 billion of local public, private and philanthropic match funding that will propel investment in Indiana’s quality of place, quality of life, and quality of opportunity.
“Indiana is uniquely positioned to make transformational investments in our communities that will catalyze economic and population growth for years to come,” said Gov. Holcomb. “READI will lead the nation in encouraging regional collaboration, and it will equip Indiana regions with the tools and resources needed to implement strategic investments in quality of place and innovation, creating a once-in-a-generation opportunity to transform our state for residents and for future generations of Hoosiers.”
Through this initiative, the state will encourage neighboring counties, cities and towns to partner to create a shared vision for their future, mapping out the programs, initiatives and projects that are critical for them to retain talent today and attract the workforce of tomorrow. The Indiana Economic Development Corporation (IEDC) will award up to $50 million per region to support the implementation of strategies focused on making positive developments in quality of place and quality of life, innovation, entrepreneurship, and talent attraction and development.
To participate and seek funding through READI, Indiana communities will collaborate to define their regions and create regional development plans that show how the region will be transformed from its current state to one that leverages unique opportunities and removes barriers to growth to propel its future. Regional investments are expected to attract a 4:1 match of local public and private funding and may include strategies focused on physical projects, such as infrastructure, workforce housing developments, the revitalization of blighted or vacant properties, and cultural amenities, as well as sustainable, multi-year programs, such as talent attraction initiatives, public-private partnerships to advance innovation in industry, and small business support services.
More information is available here.
