Northeast Indiana Region Awarded $45 Million in Economic Development Grants

Northeast region, among others, awarded largest grant made by State Economic Development Corporation

FORT WAYNE, Ind., April 11, 2024 /PRNewswire/ -- Today, the Indiana Economic Development Corporation's (IEDC) board of directors voted to approve an award of $45 million to the Northeast Indiana region through the IEDC's READI 2.0 initiative.

"We are deeply appreciative of the IEDC for once again trusting the Northeast Indiana Regional Development Authority (RDA) to serve as a steward of these resources to build on the incredible momentum throughout the 11 counties and 16 cities and towns that comprise the RDA membership," President of the RDA Board James Khan said.

Since 2016, the RDA has used leveraged state investments of $92 million from the Regional Cities Initiatives (RCI) and READI 1.0 and turned it into more than $800 million of total investment. The RDA's READI 2.0 strategy anticipates an even stronger financial return than previous programs that will significantly expand the quality of opportunity, quality of life, and quality of place with the investment from READI 2.0.

"Beginning with RCI, Northeast Indiana has outpaced much of the Midwest in population growth, with our region makes up 12% of Indiana's population. Yet in recent years, we have contributed to nearly 20% of its population growth," said Mayor Dan Rickord, president of the Northeast Indiana Mayors and Commissioners Caucus. "By making today's investment, the State is continuing to bet on a winner in Northeast Indiana."

Throughout April and May, the RDA will work closely with the IEDC to refine the programs and strategies, aiming to begin investing in growth-minded projects as early as this summer. Any prospective project owner interested in being considered for funding is invited to submit a project concept through the RDA's Regional Initiatives project intake form at neindiana.com/RDA.

"With the support and encouragement of the IEDC, our region assembled a creative, aggressive and, we believe, highly innovative strategy to increase job growth, diverse housing opportunities, expand childcare and invest in education and quality of life in Northeast Indiana," Executive Director of the RDA Ryan Twiss said. "While today's news is wonderful, the real work starts now."

Project funding decisions are expected to be made this summer.

SOURCE Northeast Indiana Regional Partnership (NEI)