As we approach the end of 2024, it’s worth reflecting on the whirlwind of a year it has been. It was just February of this year that we submitted the READI 2.0 investment strategy to the IEDC. In April, Northeast Indiana became a maximum award winner for that program, securing $45 million in READI 2.0 funding (on top of the $50 million in READI 1.0 funding from 2021!).
During the middle of the first quarter, the RDA became the administrative agent for the Strategic Development Commission’s $30 million to support talent attraction, development, and housing. In September, the first tranche of funds was delivered by the state to the RDA, and in October, we began executing grant agreements and delivering the first round of disbursements. A special thanks to the teams at the IEDC and the Indiana State Budget Agency for all of their help with navigating these programs that will have generational impacts on our region.
READI 2.0
At the direction of the RDA board and with the ongoing support of the RDA Membership and local economic developers, the NEI team continued our efforts in seeking creative and thoughtful methods to dispense the region’s $45 million in READI 2.0 funding, with a goal of supporting as many catalytic projects as possible. On November 12, we began to see the fruits of those efforts through two READI 2.0 awards, the first of which was granted to the Model Group for the Landing Phase 3 based on a repayment model to recuperate up to a hundred percent of the awarded $3.1 million to reinvest within the region.
This development is a 40-unit apartment complex with a 20% set aside for mixed-income housing with space for a grocery store to be located downtown and 2500 sq. feet of office space for local businesses. The investment will mark the completion of the Landings development.
The second award was a $1.5 million grant to Vincent Village to expand their provision of services to the unhoused. To mark Vincent Village’s first capital campaign this investment closes the gap for Vincent Village to expand its number of rooms, provide additional bathrooms for each family to maintain dignity, invest in sensory spaces and innovative spaces for youth development.
The Regional Development Authority also saw project presentations for the Fort Wayne Children Zoo to fund aspects of their 25-year masterplan, Turtle Meadows, a subdivision in Churubusco, and Local 166 for the expansion of their training and high school apprentice program, with review and final decisions to follow.
Strategic Development Commission
The Strategic Development Commission has received initial funding from the State and has begun the process of approving grant agreements and delivering funding to approved programs. Grant Agreements have been issued or signed for the following programs: J. Kruse Education Center, Amani Family Services – Naturalization and Legal Assistance Services Clinic, Grow Wabash – Wabash Fellowship Program, The Questa Foundation, Grow Allen, The Northeast Indiana Early Childhood Coalition and Visit Fort Wayne.
The SDC has also approved the professional service agreement with Club 720 for the delivery of their planner-on-demand services and has authorized the Down Payment Assistance Program with the assistance of the Fort Wayne Housing Authority. The downpayment assistance program will provide the Hoosier Homes Plus Down Payment Assistance Program for all 11 counties.
More Information can be found by visiting https://www.club720.org/hoosierhomes-dpa. The Strategic Development Commission and staff are excited at the opportunity to provide funding to these dynamic programs being brought to our region and look forward to providing our stakeholders with updates as they develop further.
