The Regional Economic Acceleration and Development Initiative (READI 2.0) is officially back in full swing, continuing the access opportunity and growth across the region. This has come with new challenges to balance the workflow out of NEI’s Regional Initiative team’s work as the staff of the Regional Development Authority.
As a recap, the READI 2.0 program brings a significant infusion of resources. A total of $45 million has been allocated, with $42.5 million available for obligation. In addition, $9 million is returning from previously awarded loans, adding to the regional funding pool. The region is also set to benefit from Lilly Endowment Initiative (LEI) contributions, including $3.1 million designated for Wabash County and a potential $7.5 million from a new LEI program. Together, these investments bring the total funding for the region to approximately $62.1 million.
Already, 80% of READI 2.0 funds have been obligated at the local level, signaling strong engagement and swift deployment of resources. A total of 27 projects have been committed under READI 2.0, following 25 projects completed under the original READI 1.0 program. While final approvals from the Indiana Economic Development Corporation (IEDC) are still pending and no sub-agreements have yet been issued, the pace of local commitments reflects the region’s readiness to execute.
With the program pausing, then reopening, there is a new challenge in the delivery. The RDA staff could not work with the IEDC staff on getting these 27 projects through the compliance phase. This has led to a logjam in getting projects through the final gate to being delivered.
The IEDC staff has been a fantastic partner in expediting this review, but we are working through 27 projects, and they’re working through over 200. As such, a new workflow has been established to expedite these reviews. Relying on the project owners to assist in realigning projects with updated verification of sustainability. Through previous iterations of these types of programs, we would be going through this process with one to three projects at any given time. Now, we’re doing this with over 10. We’re doing our best as fast as we can, and we’re thankful for our partners on the IEDC READI team for their part in getting this done.
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