Northeast Indiana Regional Development Authority to Invest $250,000
FORT WAYNE, Ind. – In a meeting today, the Northeast Indiana Regional Development Authority (RDA) reported it will make available $250,000 of the initial $42 million of Regional Cities initiative funding remaining to invest in an additional project or multiple projects in the 11-county region. The funding comes from savings earned from past projects, investment on deposits and higher than projected returns for tax credits.
RDA Board President Gene Donaghy said the full $42 million of Regional Cities initiative funding must be allocated before March 2020 to comply with state guidelines.
“We are now ready to invest the final increment of Regional Cities funding to the most appropriate project or projects. We must continue to infuse projects with ‘last money in’ to send the project over the finish line,” Donaghy said.
To date, the Northeast Indiana RDA has leveraged nearly $42 million of state Regional Cities initiative funding to generate over $258 million of total public-private investment in 24 quality of place projects in Northeast Indiana’s 11-county region. Fourteen projects are complete so far.
“If there’s a definite timeline and the project is considered transformational for our region, the RDA wants to learn more about the project. We must invest the remaining funds, help launch impactful regional projects and move Northeast Indiana forward,” said Michael Galbraith, consultant to the Northeast Indiana RDA.
Following the disbursement of the last of the Regional Cities initiative funds, Galbraith said the RDA will continue to look for additional public and private funding resources and collaborate with state and local legislators to encourage ongoing support for the RDA.
The Northeast Indiana RDA was formed to apply for funds available through the state’s Regional Cities initiative, which seeks to make Indiana a magnet for talent attraction by funding transformative quality-of-place projects. Northeast Indiana won $42 million through this state initiative, and now the RDA is charged with implementing those funds to best reach the goals of increasing economic growth, increasing population growth and enhancing the region’s national brand identity.
To apply for Northeast Indiana RDA funding, project owners are asked to use the Regional Development Project Claim Form and the Regional Development Plan Project Cover Sheet and submit the information to email@example.com.
To learn more and access project forms, visit the website at www.neindiana.com/rda.
About the Northeast Indiana Regional Development Authority (RDA)
The Northeast Indiana Regional Development Authority (RDA), currently the largest RDA in the state, consists of Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells and Whitley counties. The RDA is overseen by a five-member board, each appointed by consent of the executives of the member counties and municipalities, and receives staffing support from the Northeast Indiana Regional Partnership. Only the RDA may apply to the new state-funded Indiana Regional City Fund (administered by the Indiana Economic Development Corporation) for matching grants and loans; it may also accept loans, grants and other contributions from federal, state, and private sources. For more information, visit www.neindiana.com/rda.
About the Northeast Indiana Regional Partnership
The Northeast Indiana Regional Partnership’s mission is to build, market and sell Northeast Indiana to increase business investment. Founded in 2006, the public-private partnership strives to build a globally competitive region. The Partnership’s Vision 2030 framework supports collaborative regional efforts to increase per capita income, population growth and educational attainment by focusing on business attraction, talent attraction and talent development. The Partnership represents 11 member counties: Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells and Whitley. For more information, visit www.neindiana.com.
Vice President of Marketing & Strategic Communications
Northeast Indiana Regional Partnership