Text and Photos
By Leah Sander
InkFreeNews
WARSAW — Entities are welcome to start applying for Regional Economic Acceleration and Development Initiative funds coming into the area.
Attendees at an informational meeting held last week at the Kosciusko Chamber of Commerce’s office heard from representatives from the Northeast Indiana Regional Development Authority on the topic.
The NEI RDA is overseeing the $45 million in READI 2.0 funds coming from the state’s general fund to Kosciusko County and the following other counties: Adams, Allen, DeKalb, Huntington, LaGrange, Noble, Steuben, Wabash, Wells and Whitley.
Gov. Eric Holcomb announced last month the recipients across Indiana of the $500 million in READI monies, coming out of state funds. According to information put out by the Indiana Economic Development Corp., the funds are meant for supporting “quality of place and quality of life initiatives.”
NEI RDA Executive Director Ryan Twiss led the meeting last week, explaining the application process and the use of funds.
Projects using READI 2.0 monies must be paired with 20% in local government funds and 60% in private investment. READI rules also specify that state funds may only be used for capital costs, with the matching monies able to be for programming charges.
Twiss said the remaining 20% can consist totally of READI 2.0 funds or a combination of those and other state monies.
Kosciusko Economic Development Corp. Interim Co-CEO Suzie Light pointed out the $30 million in orthopedic retention initiative monies coming to OrthoWorx could be part of the 20% of state funds if needed.
Twiss added the IEDC is compiling a list of “ineligible and eligible matching sources.”
He noted unlike the first round of READI, which used federal American Rescue Plan Act funds with stricter rules for implementation, READI 2.0’s state-based monies mean there’s a looser timeline.
“That also means we can be more creative in the way that the funds are doled out,” he said.
Funds should be spent on housing, early childhood, jobs infrastructure, education innovation and quality of life initiatives, the last referring to arts and culture and recreation-type projects.
Twiss noted the Lilly Endowment also is granting a separate $250 million to the IEDC “to come alongside the IEDC’s READI 2.0 program.”
He said those funds should be spent on “blight reduction and redevelopment and arts and culture.”
In response to a question from Light, Twiss said the IEDC had control over how the Lilly funds are spent, with the Indiana Arts Commission also getting to weigh in on money going to arts and culture projects.
To learn more about Lilly’s $250 million, people may click here. To apply for READI 2.0 funds and learn more, entities should click here.
The full slide presentation from last week’s meeting may be viewed here.
