Representatives of Decatur, Rush and Shelby counties and the City of Batesville are expected to meet Friday to begin talks over how to utilize $30 million presented to the region under the heading Accelerate Rural Indiana.
The funds were recently allocated to 15 regions across the state from READI 2.0
The funding, made available through the expansion of the Indiana Regional Acceleration and Development Initiative (READI), was approved by the Indiana Economic Development Corporation (IEDC) board of directors at a special session hosted by the governor and Secretary of Commerce David Rosenberg.
READI 2.0 will grow the state’s overall program commitment to $1 billion, marking an unprecedented state-led investment in cultivating vibrant, modern and sustainable communities that attract and retain top talent.
This funding will build on the momentum of the state’s initial commitment to READI, which has yielded $12.6 billion (26:1 investment leverage ratio) in committed capital investments by public and private sources in Indiana’s communities. The 15 regions awarded funding through READI 2.0 will be eligible to access an additional $250 million grant awarded by Lilly Endowment Inc. (LEI) to enhance the impact of Indiana’s investments through READI, focusing on projects targeting blight reduction and redevelopment and enhancing Indiana’s vibrant arts and culture ecosystem. Much like other quality of place initiatives led by the IEDC, READI 2.0 and its expansion through LEI is expected to attract a minimum 4:1 match of local public and private funding. Based on the plans outlined in READI 2.0 applications, the state's $500 million investment alone is expected to yield nearly $11 billion overall invested in increasing the vibrancy and prosperity of Hoosier communities.
The regions and funding allocations include Accelerate Rural Indiana – awarded $30 million. Led by the Accelerate Rural Indiana Regional Development Authority
the region includes counties: Decatur, Rush, Shelby, plus the City of Batesville.
Shelbyville Mayor Scott Furgeson says he doesn’t anticipate final decisions to come from Friday's meeting. But he expects a gameplan over the next few weeks for the funds which must be matched by the respective communities. Then, the IEDC will coordinate with each of the 15 areas to identify regionally significant capital and infrastructure projects for investment. In conjunction with these discussions, each region will identify specific projects focused on blight reduction and redevelopment as well as arts and culture initiatives for funding opportunities made possible with the support of Lilly Endowment Inc.
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