BLOOMINGTON – The Indiana Uplands READI Steering Committee and Regional Opportunity Initiatives (ROI) has announced more than $24.6 million in committed investments from the $30 million in Regional Economic Acceleration and Development Initiative (READI) funds awarded to the Indiana Uplands by the Indiana Economic Development Corporation (IEDC) to enhance the vitality of this 11-county region.
“We are grateful to the state legislature, Governor Eric Holcomb, Secretary of Commerce Brad Chambers, and the Indiana Economic Development Corporation for this incredible opportunity to invest in the Indiana Uplands, a region on the rise,” said ROI President and CEO Tina Peterson.
“READI is allowing this region to build upon opportunities, to advance industry innovations, develop the talent needed for a technology-driven workforce, and create the assets and amenities that make this a great place for people to live, work and play,” added Peterson.
Since the December 2021 funding announcement, ROI and its partners have worked with regional stakeholders to refine programs and projects in the “Region on the Rise READI Development Plan” to align with the eligibility requirements defined by the American Rescue Plan Act (ARPA) funded READI program. The Uplands READI Steering Committee has also worked to launch and advance funding strategies in the areas of innovation, housing, community development, and talent.
Ready Innovation projects are identified as those that have the potential to capitalize on the growing vibrancy and vitality of the region’s key sectors to catalyze significant economic growth in all 11 counties of the Uplands region. As of December 9, two Ready Innovation projects have received READI commitments from the Uplands region.
One of these projects was the site of an official groundbreaking on November 21. Governor Eric J. Holcomb and Secretary of Commerce Brad Chambers joined local officials and business executives at WestGate@Crane Technology Park to break ground on a new $84 million microelectronics campus that will power the growth of Indiana’s semiconductor industry.
READI matching funds (up to $10 million) are committed to supporting infrastructure needs for WestGate, accelerating this shovel-ready project that will transform Indiana’s semiconductor industry, attract talent to the region and create high-paying, quality jobs for Hoosiers. This project will leverage more than $300 million in private investment.
The Ready Housing program is funding projects to increase the supply of owner-occupied and rental housing to support the needed workforce and meet the goals outlined in the READI Region on the Rise plan. Up to $9 million of READI funding has been earmarked to support this funding program.
Applications are being accepted on a rolling basis, as funding allows. As of December 9, five projects totaling $7.07 million for 320 housing units have received READI funding commitments for developments in Bloomington, Jasper, Spencer, French Lick, and near WestGate@Crane. These projects will leverage an estimated investment of $92.4 million from both public and private sources.
The Ready Communities 2.0 program is funding projects or programs strategically designed to improve regional capacity to attract and retain the workforce by creating community amenities or enhancing the attributes that make the region an attractive place to live, work and play. Three million dollars in READI funding was earmarked to support this funding program. Communities and organizations applied for this competitive funding opportunity in September 2022. As of December 9, 14 projects totaling $3.5 million have received READI funding commitments. These projects will leverage an estimated additional investment of $34.9 million from public and private sources.
Ready Talent programs and projects are identified as supporting or producing a workforce talent pipeline that meets the evolving needs of highly concentrated industry clusters and employment anchors in the Uplands. As of December 9, two programs have received $2,099,698 in READI funding commitments and will impact all 11 counties of the Uplands region.
About the Regional Economic Acceleration and Development Initiative (READI) in the Indiana Uplands
In May 2021, Indiana Gov. Eric J. Holcomb and the Indiana Economic Development Corporation (IEDC) launched the Regional Economic Acceleration and Development Initiative (READI), a transformational initiative with $500 million in state appropriations to promote strategic investments to make Indiana a magnet for talent and economic growth.
Through READI, regions worked collaboratively to create visions for the future, with programs, initiatives, and projects critical to retaining talent and attracting the workforce of tomorrow. In the Uplands region, this effort, led by ROI and Radius Indiana, included participation from hundreds of stakeholders and organizations and leadership from a steering committee with 17 members representing regional anchor institutions and regional organizations.
Seventeen regions, including the Indiana Uplands, developed plans that outline strategies focused on improving the quality of place, quality of life, and quality of opportunity. The Indiana Uplands plan, entitled “A Region on the Rise,” can be accessed on the ROI website at https://regionalopportunityinc.org/readi
To help regions achieve their goals, the IEDC awarded READI funds to accelerate the implementation of regional development plans and the programs and projects identified that will catalyze economic and population growth. In December 2021, the Indiana Uplands was awarded $30 million in READI funds for our “Region on the Rise.” Regions are expected to provide a 4:1 match in support of projects and programs. This includes a required 1:1 match. *These projects are committed by the Indiana Uplands READI Steering Committee and ROI Board of Directors as of December 9, 2022. However, some of these projects/programs are still being evaluated by Ernst & Young (EY) to ensure they meet the compliance requirements set forth by Indiana Economic Development Corporation and the American Rescue Plan Act (ARPA) from local public funding and a recommended 3:1 match from private and philanthropic sources.
For more information and announcements on Indiana Uplands READI projects, please visit:
https://regionalopportunityinc.org/readi-projects/.
