Gov. Eric Holcomb on Monday announced the launch of the Indiana Regional Economic Acceleration and Development Initiative, which will dedicate $500 million toward investments that officials hope will make the state a magnet for talent and economic growth.
The governor announced the concept of READI in his January State of the State address, and the Indiana General Assembly funded the program as a part of its new biennial budget.
READI is expected to attract at least $2 billion of local public, private and philanthropic match funding for investment in Indiana's quality of place, quality of life and quality of opportunity, according to a news release said.
“Indiana is uniquely positioned to make transformational investments in our communities that will catalyze economic and population growth for years to come,” Holcomb said in a statement.
The Indiana Economic Development Corp. will award up to $50 million per region to help create strategies focused on innovation, entrepreneurship, talent attraction and development, as well as quality of life.
Indiana communities will collaborate to define their regions and create development plans that show how the region will be transformed.
Regional investments are expected to attract a 4-to-1 match of local public and private funding, the news release said.
They may include strategies focused on physical projects, such as infrastructure, workforce housing developments, revitalization of blighted or vacant properties and cultural amenities.
They may also include sustainable, multiyear programs, such as attracting talent, public-private partnerships for innovation in industry and services to support small businesses.
More information, including detailed guidelines on regional development plans, is available at www.indianareadi.com.