IEDC touts increased funding for economic development
The Indiana Economic Development Corp. said Thursday the new two-year state budget increases the state’s investment in economic development by $350 million over the previous biennium.
Among the priorities included in the budget is an additional $500 million for a second round of the state’s Regional Economic Acceleration and Development Initiative, or READI.
The first iteration of READI was unveiled in May 2021, and the state awarded $500 million to 17 regions representing every Indiana county the following December.
To date, more than 95% of the initial grant funds, totaling nearly $475 million, have been awarded for 347 projects statewide. The IEDC said the projects are expected result in more than $8.5 billion in additional investment.
“READI 2.0 will build on this momentum, allocating significant matching funds to accelerate capital and infrastructure construction projects and advance Indiana’s quality of place to retain and attract top talent,” the agency said in a news release.
Additionally, the budget includes the creation of a $500 million deal closing fund that the IEDC said will allow the state to better compete for new investments. Five percent of the funds will be reserved for projects in rural counties with a population under 50,000.
The IEDC also gets $150 million that will be used for site acquisition as the state looks to have land and infrastructure available for new investment similar to the planned LEAP Innovation and Research District in Boone County.
The budget provides $250 million for tax credit flexibility as the state looks to attract new investment and jobs, as well as $40 million for Indiana Manufacturing Readiness Grants, double the previous allocation.
“Indiana’s economy is thriving, and these renewed commitments and expanded investments in economic development will ensure that momentum continues for years to come,” said Gov. Eric Holcomb. “Implementing quality of place initiatives, future-proofing our manufacturing sector and enabling the state to better compete for and win new high-tech, fast-growing industries of the future will remain our mission every day.”
You can read more about the IEDC’s priorities with the new funding by clicking here.