North Central Indiana awarded $35M in READI 2.0 funds

The North Central Indiana area is receiving tens of millions of dollars as part of the state of Indiana’s Regional Economic Acceleration and Development Initiative program.

The North Central Indiana Regional Planning Council was awarded last week $35 million in READI 2.0 money. The money will go toward infrastructure, child care, housing, workforce training and economic development across the six county region that includes Cass, Clinton, Fulton, Howard, Miami and Tipton counties.

Specific projects have not yet been announced. Steven Ray, executive director of the NCIRPC, said the organization has a “potential pipeline” of projects that could be helped with READI 2.0 money. He declined to say what those could be, saying it would be “premature” at this time to announce any of the potential projects.

What projects are chosen will be ironed out in the future by the NCIRPC in partnership with the Indiana Economic Development Corporation. Ray said the IEDC is likely to meet with the NCIRPC in late May or early June for a post-award debrief.

“What the state has said all along is they will be a partner with the regions to identify individual projects that will ultimately be the recipient of READI 2.0 funding,” Ray said.

The region’s $35 million was part of a $500 million READI 2.0 program sought by Gov. Eric Holcomb and funded by the state legislature.

In February, 15 regions submitted their READI 2.0 proposals outlining each region’s strategic vision for its future as well as growth strategies and action plans to improve its quality of life and economic development. The proposals were then taken under consideration by IEDC and its board of directors.

Regions could be awarded upward of $50 million, though the most any one region received in READI 2.0 was $45 million. Funding from the program is supposed to help achieve each region’s strategic vision.

In its submission, the NCIRPC said its READI 2.0 money will be used to advance the organization’s goals of growing the region’s population, wages, child care options, increase housing options and workforce development.

Specifically, the NCIRPC hopes to see the six-county region grow its wages 28% by 2030, increase housing units by 2,649, grow population 1.5% by 2030, increase degree or certificate attainment by 17% and add 1,480 level 3 and 4 child care spots by 2034.

“With recent generational economic growth, the region will continue to invest resources in its strategies to best maximize the returns on recent momentum and build on that momentum to ensure that dynamic growth will be sustained into the future,” the NCIRPC wrote in its READI 2.0 executive summary, referencing the $6 billion investment of StarPlus Energy’s two electric vehicle battery plants and the at least five suppliers investing a total of $500 million.

In addition to the $500 million allocated for READI 2.0, the 15 regions will also have the opportunity to go after an additional $250 million donated to the IEDC by the Lilly Endowment. Funds awarded from this pool of money will go toward blight reduction and redevelopment and enhancing Indiana’s vibrant arts and culture ecosystem.

READI 1.0

READI 2.0 is a continuation of the state’s $500 million READI 1.0 initiative that launched in 2021 using federal pandemic recovery funds.

In the first interaction, the North Central region received $30 million in READI funding for 23 projects. About $7.4 million, or roughly 25%, of READI 1.0 funds have been spent, according to Ray.

Local projects in progress include expanding broadband access in Howard County through the creation of a fiber ring. That’s 99.9% complete, Ray said at a Howard County Commissioners meeting earlier this month.

Other local projects drawing money include road improvements to 250 North (now called Sparks Road) around the two StarPlus Energy electric vehicle battery plants and the creation of the drop-in center at Turning Point — Systems of Care.

Other area projects include $5 million to help build a downtown hotel and conference center, $3.5 million to help Tipton County modify drinking water facilities and extend wastewater services along the 5-mile corridor of Indiana 28, $1.5 million to help create Indiana University Kokomo’s KEY Center for Innovation and more.