SULLIVAN, Ind. (WTWO/WAWV) — In an effort to increase economic investments across Indiana, Governor Eric Holcomb and the Indiana Economic Development Corporation will dedicate parts of a $500 million fund to different regions.
In order to receive up to $50 million in funding, regions must submit a strategic outline highlighting potential programs and projects that will sustain long term growth.
It comes from the Regional Economic Acceleration and Development Initiative.
According to Mark Wasky, Vice President of Innovation and Strategic Initiatives with IEDC, Indiana’s newest investment aims to create talent attraction and retention.
“We are trying to help Indiana cities, townsand counties. Through this initiative, it’s to create that high quality place that stands out against the high quality places across the country,” Wasky said.
Funds can be spent for needs in tourism, community, connectivity and workforce.
“Those four categories are what we see as central to helping communities become magnets and nationally recognized as high quality places,” Wasky said.
Ryan Keller, Executive Director of Thrive West Central said needs in West Central Indiana range from workforce issues to improving the quality of life.
“So much of what people look for is, they want to live in an area that’s exciting, has a great system when it comes to resources or activities or things to do. It’s really preparing that for our region,” Keller said.
READI will be distributed toward projects proposed in a strategic outline. A 4:1 match of public and private funding will also be required for projects.
Keller thinks on-going construction in Vigo County benefits the region.
“There’s just a lot of energy, a lot of synergy going on in our area that I think really puts us as a good candidate to acquire a lot of these funds. If not all of the maximum amount,” Keller said.
Outlines are due by August 31, with the expected announcement of fund allocations by the end of this year.