READI Expected to Bring More Impact

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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana’s interim secretary of commerce says the new Regional Economic Acceleration and Development Initiative will be transformational for the state. Governor Eric Holcomb on Monday launched the $500 million program, known as READI, which is the next iteration of the Regional Cities Initiative. However, Jim Staton says the size and impact of the new program will be far greater by having more funding and incorporating a talent attraction component in addition to economic development.
In an interview with Inside INdiana Business, Staton said the initiative will also be more flexible than Regional Cities.
“You don’t have to really submit a plan to an RDA; you really just need to form a regional group that can build consensus on how that region wants to grow,” said Staton. “And I think the big difference from Regional Cities is it’s not just for brick-and-mortar projects; it’s really for sustainable, multi-year programs also. I think that really supports the talent initiatives within READI. We really are working hard to get Hoosiers to work, live and stay in Indiana and we really like the idea that communities can use data-driven approaches, based on their own unique landscapes, to either attract talent, do the brick-and-mortar, or some combination of that to accomplish their vision.”
Communities throughout the state have two months to collaborate and self-identify their own regions that can be eligible for funding. Each identified region will receive up to $50 million to accelerate the implementation of their regional development plans, should they be approved by the Indiana Economic Development Corp. board of directors.
Projects can range from physical efforts such as infrastructure, workforce housing and cultural amenities, as well as the multi-year programs such as talent attraction initiatives and small business support services.
Staton says having communities collaborate on their development plans is important because “government’s best done at the local level.”
“When people are all in a unique landscape in a certain region, they’re going to have a lot of common goals, a lot of vision, and hopefully, they’ll be inviting new vision into their regions. I think really just building that consensus of, ‘This is how we want to grow,’ rather than having the state coming in from the top-down perspective and say, ‘If you want our dollars, this is what you have to do,’ we’re giving these regions the opportunity to define their future.”
The regions will have two months over the summer to create and submit their regional development plans. A review committee will evaluate the plans and make funding recommendations to the IEDC board, which will then award funding to the selected regions at the end of the year.
“We’re really looking for those transformational projects that will provide years of future positive impact for a community; it’s maybe what a community will ultimately be identified for and those are all exciting opportunities that we hope this program presents,” Staton said. “Improved quality of place and quality of life is important. Building stronger talent attraction and retention initiatives is going to be critical, I think, to making this be an initiative that establishes Indiana as really the best place to live, work, play, do business and thrive.
You can learn more about the program by clicking here.
Staton says the initiative will also be more flexible than Regional Cities.