Federal Funding to Support Indy Business Incubator Study
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe city of Indianapolis has received a federal grant for a feasibility study regarding a business incubator on the city’s near east side. The city says the $45,000 grant from the U.S. Economic Development Administration is being matched by nonprofit Southeast Neighborhood Development Inc. and will be used to examine regional job growth, emerging economic clusters and real estate demand.
Specifically, the city says the feasibility study will look at how a business incubator would support job creation in key industries “critical to advancement of the Twin Aire community and the Central Indiana region.” The goal is to find ways to promote local economic growth and business expansion.
“We are excited to partner with Southeast Neighborhood Development to route federal assistance to the Twin Aire neighborhood,” Indianapolis Mayor Joe Hogsett said in a news release. “This funding will go towards improving economic stability, creating jobs, and strengthening local businesses.”
The Twin Aire neighborhood has long been identified as a spot for redevelopment, having been added to the Great Places 2020 program nearly four years ago.
In 2018, the city began work on the $55 million first phase of the former Citizens Energy Coke Plant redevelopment into the new Community Justice Campus. The overall redevelopment of the 140-acre site also includes a mixed-use development.
“Now more than ever, workforce development is a key focus of SEND to better serve our communities,” said SEND President Kelli Mirgeaux. “We are excited to partner with the City of Indianapolis, the Twin Aire Community, and other partners to build sustainable job creation solutions.”
Other partners involved in the study include the Twin Aire Neighborhood Coalition, Southeast Community Services, Citizens Energy Group, Local Initiatives Support Corp. Indianapolis, and Purdue Extension Marion County.