Regional Economic Acceleration
& Development Initiative (READI)
Since 2016, Indiana has experienced four consecutive years of an increase in job and investment commitments. To continue this momentum and accelerate the state’s economic and population growth, the state launched the Regional Economic Acceleration and Development Initiative (READI). The initiative will dedicate $500 million in state appropriations to promote strategic investments in regions across the state that demonstrate the potential to attract people and stimulate the state’s economic growth.
“Indiana is uniquely positioned to make transformational investments in our communities that will catalyze economic and population growth for years to come. READI will lead the nation in encouraging regional collaboration, and it will equip Indiana regions with the tools and resources needed to implement strategic investments in quality of place and innovation, creating a once-in-a-generation opportunity to transform our state for residents and for future generations of Hoosiers.”
Indiana Communities Define Regions (May – July 2021)
Local governments should coordinate and self-identify their proposed regions. During this time, the IEDC will host READI informational meetings across the state to detail the initiative and guidelines for regional development plans. Communities will have until July 1, 2021, to define their region and notify the IEDC of their intent to seek funding through READI. Regions will submit this notification via an online form.
Regions Develop Strategic Plans (July – August 2021)
Regions will convene a broad, diverse group of stakeholders, including major employers and other anchor institutions, education partners, economic development professionals, philanthropy partners, and its elected officials, to create a regional development plan that outlines the current state of the region, its vision for the future, and a game plan to invest in its growth and prosperity. Planning grants up to $50,000 will be provided to support this effort, and regions will have until August 31, 2021, to submit regional development plans, which will be made available to the public. Detailed guidelines for regional development plans are available.
Committee Reviews Regional Applications (September – October 2021)
The IEDC Board of Directors will form a READI review committee to evaluate regional development plans. Each region will have the opportunity to present its vision, goals, and strategies that will positively impact the area’s quality of place and quality of life, innovation, entrepreneurship, and talent attraction and development. The committee will establish criteria to evaluate the plans and will host a series of review meetings that will be open to the public.
State Finalizes Funding Decisions (November – December 2021)
The review committee will make funding recommendations to the IEDC Board of Directors. Once approved, the IEDC will award READI funding to selected regions to advance implementation of the projects and programs designed to catalyze economic growth and talent development in Indiana.