What Site Consultants Need to Know about Indiana’s READI Program
Get the latest updates on Northeast Indiana's READI process.DISCOVER MORE
$500 Million Investment in Indiana through READI
Indiana has experienced four consecutive record-breaking years for job and investment commitments. To maintain this momentum and accelerate the state’s economic growth, Indiana launched the 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.
Through this initiative, Northeast Indiana's 11 counties are working together to create a shared vision for their future, mapping out the programs, initiatives and projects that are critical to retain talent today and attract the workforce of tomorrow.
The READI program timeline is moving fast. To get up to speed on the transformational opportunity facing Northeast Indiana, here are 3 things site consultants need to know about READI:
- The Northeast Indiana Regional Development Authority (RDA) formally notified Indiana Economic Development Corporation (IEDC) of the region's intent to apply for READI funding on behalf of the Northeast Indiana region, representing all 11 counties in Northeast Indiana and illustrating the region's collaborative culture. The process is lead by the region's local economic developers as the formal steering committee.
- It's a public-private partnership with a local match. A project must be funded at least 60% from private investment, with up to 20% in public money or in-kind contributions. No more than 20% for a project may come from the READI grant or other state funding. "Much like the Regional Cities Initiative, we’re working quickly to vet the most transformational regional projects and programs to develop our regional development plan and leverage public and private funds to grow our region," said Ryan Twiss, vice president of talent initiatives for the Northeast Indiana Regional Partnership.
- Funding will be dispersed in the fall of 2021 to the top regions in the state. 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. In 2016, Northeast Indiana was awarded $42 million in the Regional Cities Initiative, a similar state program to READI, and transformed that into over $264 million of public-private investment in the region in just a matter of a few years. Click here for a list of projects funded by Regional Cities >>
As Northeast Indiana continues to accelerate growth and economic investment, you're encouraged to learn more about the region by viewing top rankings and accolades or connecting with Director of Business Development Brandon Noll to learn more about why doing business is better in Northeast Indiana.
Want to read more news about the Northeast Indiana Regional Development Authority?Read RDA News