I-74 Region First to Spend 65 Percent of State READI Funding

As of this week, the Accelerate Rural Indiana Regional Development Authority (ARI RDA) is the first region in the state of Indiana to have spent 65 percent of its total READI 1.0 funding allocation. By doing so, the ARI region is now approved to access READI 2.0 funding, enabling the region to start moving forward with even more quality of place, quality of life and quality of opportunity projects for residents. 
 
In 2021, Governor Eric J. Holcomb launched the Regional Economic Acceleration and Development Initiative (READI), allocating $500 million to 17 regions that represent all of Indiana’s 92 counties. After an extensive, competitive process, the ARI region, composed of Rush, Shelby, Decatur counties and Batesville, was awarded $20 million in READI funds, the highest per-capita READI award in the State of Indiana.  Due to the demand for continued quality of place investments, READI 2.0, which was part of the governor’s 2023 Next Level Agenda and approved by the Indiana General Assembly, allocated another $500 million to expand the initiative. Following a similar application process, the ARI region was awarded $30 million, a $10 million increase from READI 1.0 and once again the highest per-capita award. 
 
However, before being able to access READI 2.0 dollars, 65 percent of all READI 1.0 funds must be disbursed in accordance with the Indiana Economic Development Corporation’s (IEDC) policies. By becoming the first region in the state to reach IEDC’s 65% threshold, the ARI region is the first region to have access to READI 2.0 dollars. The ARI today announced its first READI 2.0 project that will allocate $1 million to the Shelby County Non-Profit Center. 
 
The ARI region is currently collaborating with the state to get additional READI 2.0 projects approved and the money flowing to the projects. Two additional ARI projects have received a pre-commitment of READI 2.0 funds from IEDC – a multi-family apartment development and the Batesville Arts and Innovation Hub. Numerous other projects are currently pending approval by IEDC.
 
Before the creation of the RDA board in February 2023, the Decatur County Community Foundation served as the authorizing agent for funding allocations and aided in bringing many of these projects to fruition. Bryan Robbins, the Accelerate Rural Indiana RDA Chair, notes that “without the hard work of the Decatur County Community Foundation and the ARI RDA board, we would have never been able to get these projects funded as quickly as we did. This is a historic moment for our region, and I am excited to see how these strategic investments will transform the region.”
 
Already, the region has seen the impact of the READI program. Of the 17 ARI projects awarded READI 1.0 funding, 11 have received their full disbursement, pushing the ARI region to the 65 percent threshold required by the state. Having numerous fully funded and completed projects throughout the region, ARI residents have already reaped the benefits of READI investment. From Batesville’s Skate Park to Greensburg’s Inclusion Park, the ARI region has a proven track record of efficient, strategic investment. Having reached the required 65 percent dispersal threshold, the Accelerate Rural Indiana region is excited to continue investments into quality of life, quality of place, and quality of opportunity.