INDIANAPOLIS —Indiana’s second Regional Economic Acceleration and Development Initiative — better known as READI 2.0 — is in motion, Gov. Eric Holcomb announced Tuesday. Hoosier leaders want the $500 million grant-loan program to enable new projects boosting the state’s quality of life, place, and opportunity.
“Innovation knows no boundaries and there’s no limit to what can be accomplished when we work together to better the lives of Hoosiers,” 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 in each region and with anyone who visits our great state,” he continued.
READI 2.0’s 15 regions should begin developing their funding proposals this month, according to a timeline released Tuesday. They will have until late February.
Meanwhile, the Indiana Economic Development Corp. (IEDC), the agency administering the program, will hold forums and visit the regions to discuss their previous investments and future plans.
The IEDC board will meet in April to approve investment commitments and regional allocations. In May, the entity plans to start coordinating with regions to identify specific projects for investment. The maximum award per region is $75 million, an increase from the previous cap of $50 million.
Launched in 2021, READI has been a signature policy of the outgoing governor’s administration.
The 17 regions in READI 1.0 have been awarded $487 million of the original $500 million appropriation, according to the news release. It’s going toward 361 projects and programs.
The state’s money is backed up by $12.2 billion in public, private and nonprofit funds. The administration said every state dollar averaged a $26 match during READI’s first round.
Projects highlighted on READI’s website include community, sports, and early learning centers; housing and riverfront developments; and innovation and technology projects.
“There is no greater priority than to improve Indiana’s standing as the best location to live, work, play, study, and stay,” Holcomb said.
