Regional Cities program making $250,000 available for projects
The Northeast Indiana Regional Development Authority (RDA) Tuesday said it will make available $250,000 of the initial $42 million of Regional Cities initiative funding remaining to invest in an additional project or multiple projects in the 11-county region. The funding comes from savings earned from past projects, investment on deposits and higher than projected returns for tax credits.
RDA Board President Gene Donaghy said the full $42 million of Regional Cities initiative funding must be allocated before March 2020 to comply with state guidelines.
“We are now ready to invest the final increment of Regional Cities funding to the most appropriate project or projects. We must continue to infuse projects with ‘last money in’ to send the project over the finish line,” Donaghy said in a statement.
To date, the Northeast Indiana RDA has leveraged nearly $42 million of state Regional Cities initiative funding to generate over $258 million of total public-private investment in 24 quality of place projects in Northeast Indiana’s 11-county region. Fourteen projects are complete so far. Fort Wayne projects funded include riverfront development, which received $5 million, and The Landing, which received nearly $7 million.
“If there’s a definite timeline and the project is considered transformational for our region, the RDA wants to learn more about the project. We must invest the remaining funds, help launch impactful regional projects and move Northeast Indiana forward,” said stated Michael Galbraith, consultant to the Northeast Indiana RDA.
Following the disbursement of the last of the Regional Cities initiative funds, Galbraith said the RDA will continue to look for additional public and private funding resources and collaborate with state and local legislators to encourage ongoing support for the RDA.
The Northeast Indiana RDA was formed to apply for funds available through the state’s Regional Cities initiative, which seeks to make Indiana a magnet for talent attraction by funding transformative quality-of-place projects. Northeast Indiana won $42 million through this state initiative, and now the RDA is charged with implementing those funds to best reach the goals of increasing economic growth, increasing population growth and enhancing the region’s national brand identity.
To apply for Northeast Indiana RDA funding, project owners are asked to use the Regional Development Project Claim Form and the Regional Development Plan Project Cover Sheet and submit the information to firstname.lastname@example.org.
The Northeast Indiana Regional Development Authority (RDA), currently the largest RDA in the state, consists of Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells and Whitley counties. To learn more and access project forms, visit the website at www.neindiana.com/rda.