Regional Economic Acceleration
& Development Initiative (READI)

Since 2016, Indiana has experienced four consecutive years of an increase in job and investment commitments. To continue this momentum and accelerate the state’s economic and population growth, the state launched the Regional Economic Acceleration and Development Initiative (READI). The initiative will dedicate $500 million in state appropriations to promote strategic investments in regions across the state that demonstrate the potential to attract people and stimulate the state’s economic growth.

“Indiana is uniquely positioned to make transformational investments in our communities that will catalyze economic and population growth for years to come. READI will lead the nation in encouraging regional collaboration, and it will equip Indiana regions with the tools and resources needed to implement strategic investments in quality of place and innovation, creating a once-in-a-generation opportunity to transform our state for residents and for future generations of Hoosiers.”

– Governor Holcomb

Gov. Holcomb Rolls Out Next $500M for READI 2.0

Next Round of Holcomb’s signature community development program looks to build on the $12.2B of transformational investment from round one

INDIANAPOLIS (Sep 5, 2023) – Governor Eric J. Holcomb today announced details of Regional Economic Acceleration and Development Initiative (READI) 2.0, which was part of his 2023 Next Level Agenda and approved by the Indiana General Assembly in this year’s legislative session. The second round of $500 million was a direct response to the significant demand for quality of place investments from communities across the state.

“Innovation knows no boundaries and there’s no limit to what can be accomplished when we work together to better the lives of Hoosiers,” Gov. Holcomb said. “This transformative program will fund projects that lean into a region’s strengths while building community gathering places, accessible parks, performing arts centers and expanding the trail system that will have generational impact across each region and with every person who visits our great state. In Indiana, there is no greater priority for us as leaders than to work in unison to improve Indiana’s standing as the best location to live, work, play, study and stay.”

The READI program, launched by Gov. Holcomb in 2021 and funded with an initial $500M appropriation, continues to accelerate and gain national recognition, communities and regions across the state have been preparing for the anticipated second round of funding, demonstrating the ambition of Indiana regions and the enthusiasm for investments in Hoosier neighborhoods, talent and innovation.

The first round of the nationally recognized READI program has awarded regions over $487 million of the initiative’s original $500 million in the form of grants. These funds will support 361 unique quality of place, quality of life, quality of opportunity and workforce projects and programs across all 17 Indiana READI regions. These projects are made possible by a combined $12.2 billion of public, private and nonprofit dollars invested to transform communities. On average, every dollar provided by the state was matched with $26 from outside entities that will attract and develop talent and enhance the lives of current and future generations of Hoosiers.

The Indiana Economic Development Corporation (IEDC) announced funding awards in December 2021, allocating READI’s $500 million to 17 regions in Indiana, and began working collaboratively with regions last year to begin designating match funding to specific, shovel-ready projects and programs. Less than two years later, transformational investments are already underway across the state. Details on READI 1 projects underway can be found here.

READI 2.0 projects will be focused primarily on population growth and quality of life investments. READI 2.0 details are outlined below.

READI 2.0 timeline & information:

  • September 2023 – February 2024: Regions develop funding proposals;
  • September 26, 2023: Q3 IEDC READI Forum in Muncie
  • September 2023 – February 2024: IEDC visits each participating region to see READI 1.0 investments and discuss future vision and strategy.
  • December 2023: Q4 IEDC READI Forum
  • February 23, 2024: Regional proposals due to the IEDC.
  • April 2024: Proposed IEDC board approval of investment commitments and allocations to regions. Exact date to be announced at a later date.
  • May 2024: IEDC begins coordination with regions in identifying regionally significant capital and infrastructure projects for investment.

Additional details on READI 2.0, including program structure, eligibility requirements, metrics, READI 2.0 goals and focus areas, application details, etc. can you be found here. Questions from the regions can also be sent to READI@iedc.in.gov.

Source: Press Release, Sep 5, 2023

Resources

News Articles

Members