The previous READI grant funds could be for programs, but not this time. This round of funding is for large capital projects only.
Projects can support things like new housing, new jobs and new quality of life amenities.
The Regional Economic Acceleration and Development Initiative (READI) is “an ambitious program designed to foster collaboration amongst local communities and promote data-driven, long-term planning that will help attract and retain top talent in the area” according to the Indiana READI website.
Developers, nonprofits, businesses, units of government and residents are eligible for grants within Gibson, Posey, Vanderburgh and Warrick Counties. They can learn more here.
Evansville Mayor Stephanie Terry said access to these funds can help such groups to “dream big” with projects like developing the Ohio riverfront.
“That's something transformative for our city and our region as a whole,” she said. “And so I think projects like that is where we're looking to invest.”
Overall, $500 million will be available, for which Indiana entities can apply. The Evansville area and surrounding counties has been awarded $45 million for this round.
The Evansville Regional Economic Partnership (E-REP) is the "convener" for the four counties included in the grant. They are Gibson, Posey, Vanderburgh and Warrick Counties.
E-REP is also the organization that provides support for the Southwest Indiana Regional Development Authority, which is the quasi governmental body charged with managing the state dollars when they come into this region.
E-REP Chief Economic Development Officer Josh Armstrong said these funds are “crucial” for making important projects possible, describing them as “but-for” funding.
“‘But for’ READI, these projects will probably not be completed,” he said. “And so these dollars tend to fill those gaps. These high quality types of projects tend to cost more than what market value they may have. And yet, they're critical for us to do in our market.”
According to E-REP, projects must support goals such as, growing the population, increasing the quantity and quality of available jobs, improving health outcomes and reducing the number of households living in poverty in the region.
To that end, Armstrong said at least 25-percent of projects will need to be in rural, underserved areas.
Entities will apply for 20-percent of the total proposed project amount, and expect to fund the rest. “READI requires other units of government to have some skin in the game,” Armstrong said. Extra funding can come from loans, philanthropic sources and others.
In 2021, the Evansville area saw 23 projects funded through READI grants. Examples include the $5 million Toyota YMCA in Gibson County, The University of Southern Indiana (USI) nursing expansion with $735,000, and the Windmere Dog Park in Evansville.
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