INDIANAPOLIS – During his State of the State Address last week, Governor Eric J. Holcomb announced that Lilly Endowment Inc. has awarded a $250 million grant to help bolster quality of place efforts throughout the state. The grant to the Indiana Economic Development Corporation (IEDC), the single largest award given in Lilly Endowment’s 86-year history, will be administered in conjunction with the nationally recognized Regional Economic Acceleration and Development Initiative (READI).
The funds will help accelerate the state’s support for rehabilitating deteriorated or abandoned properties and strengthening varied arts and culture initiatives. The goal is to foster more vibrant and livable communities across Indiana for generations to come.
Gov. Holcomb stated, “This unprecedented investment from Lilly Endowment is a testament to the incredible enthusiasm and momentum we are witnessing across the state as we collaborate to advance the quality of life and increase opportunities for all Hoosiers to succeed and prosper now and in the future.”
Lilly Endowment’s grant will add to and complement READI 2.0 support for capital projects, such as infrastructure and new construction with a focus on blight reduction and redevelopment, and arts and culture initiatives.
READI was launched in 2021 by Gov. Holcomb, in partnership with the Indiana General Assembly, with an initial investment of $500 million to advance quality of life, quality of place, and quality of opportunities. The $500 million appropriation is being matched by additional public, private, and nonprofit dollars, resulting in a combined $12.6 billion investment in 361 unique projects and programs statewide.
Following the success of READI 1.0, the governor and the Indiana General Assembly invested an additional $500 million to establish READI 2.0 in 2023.
The IEDC will allocate $185 million of the Lilly Endowment grant to support the redevelopment or rehabilitation of deteriorated or abandoned properties in ways that address community needs throughout the state while bringing new life to Indiana communities.
The remaining $65 million of the Lilly Endowment grant will be allocated to support a first-of-its-kind statewide arts and culture initiative to advance regional creative transformation by investing in public art and cultural amenities.
Click HERE for more information about the state’s READI program.
Courtesy-Lilly Endowment FB
