As staff of the RDA, we have maintained our effort in seeking creative and thoughtful methods to dispense these funds in the most meaningful way for the region we serve.
The focus has been on the obligation and implementation of the READI 2.0 Funds, the continued compliance and fund disbursement of our READI 1.0 projects, and the administration of the Strategic Development Commission’s state allocation.
At the end of the first quarter, we disbursed 65% of READI 1.0 funding and hit the state-required threshold to begin the disbursement of READI 2.0 projects when READI 2.0 projects begin to move to final IEDC approval.
After a review from the new Gubernatorial Administration, the READI 2.0 program will continue as planned.
NEI organized the review and local obligation of approximately 55% of READI 2.0 funding, with the review and obligation to continue throughout 2025.
Through the first quarter of 2025, the submissions for the READI/SDC project intake portal have stayed flat at $340 million of implied value. In closing the quarter, the RDA has awarded 13 projects for a cumulative value of approximately $24 million.
The largest update from the Northeast Indiana Strategic Development Commission (SDC) is the receipt of the second payment from the SBA to fund the programs for this year. The number of submissions, much like READI, have slowed down, but we are working with numerous projects that are working towards being ready for committee review.
For the Regional Initiatives Council, on May 28th, the NEI team will be running an exercise to assist in developing the Regional SWOT Analysis. This analysis is in response to Governor Mike Braun’s Executive Orders 44 and 45. Executive Order 44 prioritizes job creation and wage growth in economic development initiatives. Executive Order 45 aims to standardize workforce development and economic development regions, with a new map for these regions due by December 31, 2025.
To demonstrate our regional unity, we will be assisting in conducting 11 standardized SWOT analyses for our 11 counties and synthesizing them into a single regional strategy to demonstrate our unity as a cohesive region.
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