2.0
Championing Noble
The team at Be Noble Inc. is ready to support partners across the county with proposals that can help transform the community and bolster the economy.
Resources
In 2022, Noble County was awarded funding through the Regional Economic Acceleration and Development Initiative (READI), a groundbreaking program designed to transform Indiana’s communities and bolster its economy. Building off the momentum gained, Indiana’s legislature has allocated up to $75 million per region under READI 2.0.
As information becomes available, updates will be shared here to help organizations and communities identify projects those fit within Northeast Indiana’s Growing with Vision regional plan. The information provided below is intended to help stakeholders prepare projects and compete for funding.
History
READI success
READI, launched in 2021, was made possible by a $500 million appropriation funded primarily by federal dollars. Indiana regions received over $487 million in support of 361 unique projects to improve quality of life, quality of opportunity,
and workforce readiness. This investment leveraged $12.2 billion in public, private, and non-profit investments!
Two projects benefiting Noble County were pitched, with the help of Be Noble Inc., to the Regional Development Authority (RDA).Both were quickly and unanimously approved for funding.
housing project
The Town of Avilla was approved to receive nearly $780,000 to leverage an additional $2.7 million in order to spur the completion of two housing subdivisions that had stalled for years due to high development costs.
workforce training INITIATIVE
The iSMART Lab, housed at the Community Learning Center in Kendallville, was approved to receive nearly $200,000, leveraging an additional $2.4 million to equip Phase II of the Smart Factory training lab.
Timeline for READI 2.0
READI 2.0 aims to drive population growth and enhance quality of life in Indiana. Below are key dates for roll-out. Scroll down to Looking Ahead to learn more about the characteristics of READI 2.0 and how they differ from round one.
September 2023 – February 2024
Regions across Indiana will develop funding proposals based on master plans introduced under READI in 2022. Indiana Economic Development Corporation (IEDC) officials will visit each participating region to review READI 1.0 investments and discuss strategies for READI 2.0 and beyond.
September 26, 2023
SAVE THE DATE! The IEDC will host a Q3 READI 2.0 Forum in Muncie, Indiana. Watch for details in the Be Noble Inc. e-Newsletter or this site for details and plan to attend. ( Subscribe to our e-Newsletter.)
December 2023
The IEDC will host a Q4 READI 2.0 Forum, with details to be announced.
February 16, 2024
Regional proposals, to be prepared by the RDA, are due to the IEDC.
April 2024
Tentative IEDC board approvals of investment commitments and allocations to regions slated to begin.
May 2024
IEDC slated to begin coordinating with regions to identify regionally significant capital and infrastructure projects for investment.
Looking ahead
If your organization or community has a project you believe fits into the RDA’s Growing with Vision Plan and the requirements of READI 2.0, contact Be Noble now!
NEI’s development strategy will build upon the Growing with Vision Plan from READI and will identify investment strategies that advance Workforce Growth, Downtown Vibrancy, and Entrepreneurship + Innovation. These support the IEDC’s areas of interest: Quality of life, place, and opportunity.
Eligible projects will require a 1:1 public dollar match (that does not include other state funding) and a 3:1 private/philanthropic match.
Growing with Vision included specific projects that would help the region achieve overall goals. Under READI 2.0, specific projects are not required, but may be used as examples. Projects included may or may not be funded; projects not included are not necessarily excluded from funding.
Under READI 2.0, the IEDC will consider allocating funds as loans vs. grants. It will be up to the RDA to indicate preferences and proposals, including how the region would reinvest in the case of managing loans. Demonstration of an ability to administer loan programs will be expected, if requested.
READI 2.0 is being designed to be a more competitive process than READI. The IEDC will require specific KPI metrics for projects approved for funding.
READI 2.0 funding will only be allocated for capital projects. Programs will not be funded. Private and federal funding for programming that is directly tied to a project supported by a capital investment from READI 2.0 may, however, be captured as a “match.”
Projects will not be funded twice by state dollars. If the project includes capital provided by other state funds, that portion of the “match” may not be considered or qualify under READI 2.0.
In January 2024, Gov. Holcomb announced a Lilly Endowment investment of $250 million to be added to the pot for READI 2.0 projects that address blight remediation and redevelopment projects, as well as arts and culture initiatives. Read the details provided by David Rosenberg, Secretary of Commerce for Indiana here.
An Indiana READI Resource Library has been published with more detailed information about the Application & Evaluation, Policy, Regions, and Frequently Asked Questions (FAQ). Access it at https://indianareadi.com/resources.
