Indiana Governor Eric Holcomb is launching a new initiative to attract talent and economic growth in the state.
On Monday, the governor announced the Indiana Regional Economic Acceleration and Development Initiative, or "READI."
It dedicates $500 million in state appropriations to promote strategic investments. Communities will work together on programs and projects to keep and attract a workforce.
The state Economic Development Corporation will be awarded to help with the plans.
May−July | Indiana communities define regions
Indiana counties, cities and towns are encouraged to coordinate and self-identify their proposed regions. During this time, the IEDC will host READI informational meetings across the state to detail the initiative and guidelines for regional development plans. Communities will have until July 1, 2021, to define their region and notify the IEDC of their intent to seek funding through READI.
July−August | Regions develop strategic plans
Regions will convene a broad, diverse group of stakeholders, including major employers and anchor institutions, education partners, economic development professionals, philanthropy partners, and its elected officials, to create a regional development plan that outlines the current state of the region, its vision for the future, and a game plan to invest in its growth and prosperity.
The IEDC will provide planning grants up to $50,000 to identified regions to support this effort, and regions will have until August 31, 2021, to submit regional development plans, which will be made available to the public. Detailed guidelines for regional development plans are available online at IndianaREADI.com.
September− October | Committee reviews regional applications
The IEDC board of directors will form a READI review committee to evaluate regional development plans. Each region will have the opportunity to present its vision, goals and strategies that will positively impact the area’s quality of place and quality of life, innovation, entrepreneurship, and talent attraction and development. The committee will establish criteria to evaluate plans and will host a series of review meetings that will be open to the public.
November−December | State finalizes funding decisions
The review committee will make funding recommendations to the IEDC board of directors. Once approved, the IEDC will award READI funding to selected regions to advance implementation of the projects and programs designed to catalyze economic growth and talent development in Indiana.