READI 2.0 Blight Elimination & Redevelopment

 

READI 2.0 and the Lily Endowment Initiative (LEI) have launched! In September 2023, the State of Indiana and the Indiana Economic Development Corp (IEDC) announced the timeline and application process for READI 2.0 funding. This is another incredible opportunity to fund large, transformational opportunities in the Evansville Region! 

Through the Lilly Endowment Inc.’s $250 million gift, the IEDC is proud to launch an additional component of READI called the Redevelopment & Arts Initiative to advance and support two transformative initiatives focused on: (1) systemic community challenges associated with deteriorating, vacant, abandoned and/or blighted properties statewide; and (2) elevating the vitality of Indiana’s arts and cultural community through regional investments that benefit every resident’s quality of life, retain citizens and attract future generations of Hoosiers. 

Blight Reduction & Redevelopment: $185,000,000

 • Consists of project funding, administration and technical assistance, and Development Fellowship Program.  

The Redevelopment Initiative funds will not be allocated to each region in lump sums. READI 2.0 regions will present priority projects that align with all relevant criteria, and awards will be issued on a project-by-project basis.

Please note that survey submission does not guarantee READI 2.0 or LEI funding, and once award announcements are made to regions, additional information and updates will likely be required. E-REP acknowledges that this is early in the process, so project leads are providing the most accurate information possible, but numbers, timelines, and other details may need to change in the coming months. Any such changes should be communicated to E-REP immediately and could impact award decisions. 

The READI 2.0 awards are being funded by the State of Indiana. Please review the Policy Requirements and Application Questions before submitting this form to make sure your project is in line with the policy before continuing. 

The form does not save the work if you leave and come back to it at a later time.


IEDC Evaluation Framework:

The IEDC and the state will evaluate proposed projects and include outside counsel when warranted. Projects should: 

• Have the potential to deliver the greatest public benefit  

• Embody transformational change

• Align with the region’s overall plan and READI 2.0 KPIs 

• Advance quality of place at a high level with a focus on attracting and retaining people

• Directly benefit entrepreneurs, creatives and the creative economy in the region

• Leverage existing assets, including natural assets such as trails, parks, rivers

• Facilitate partnerships with public and private stakeholders

• Focus on Indiana’s rural and disadvantaged communities

• Demonstrate capacity and commitment to maintain and sustain proposed investments

• Demonstrate potential to spark additional development or investment in the region.  

Fields marked with an * are required.

Please verify that you have checked the “I'm not a robot” checkbox.

Part 1: Executive Summary

Detailed project description and summary

Who are the end users of the project, a space allocation / space layout and how end uses fill a community demand.

Are there any full time jobs created and what are the potential wages?

Site development plan including interior and exterior photographs (if there is an existing building)

   o detailed architectural/engineering plans

   o drawings/renderings of the proposed development

If you do not have any renderings, please upload a few precedent images.  

20MB max

Proposed budget and itemized budget

  o supporting documentation including a detailed construction budget

  o sources of capitol (60% private, 20% local or federal government, and no more than 20% LEI)

  o expected funding request (not to exceed 20% of total project cost)

20MB max

Detailed project cash-flow proforma that includes, at a minimum

  o estimated annual gross income

  o estimated annual operations and maintenance expenses (and other related costs)

  o estimated annual net operating income

  o estimated annual debt service.

20MB max
Part 2: Review of Data

Describe the expected demographic and economic projections within the next 5 years and how the project expects them to change if the development plan and investments are successfully implemented.

List any other economic impacts, if applicable.

Part 3: Action Plan

Provide any additional details for the anticipated private, philanthropic, local, state and federal funding that would be required. For projects still in development, provide an example of a peer project that closely aligns with what is planned. 

Identify key partner organizations and anchor institutions and their expected roles in helping implement the proposed investments.

If applicable, explain how the proposed investments would leverage additional investments within the immediate proximity or a plan to make additional investments within the surrounding area to enhance the viability, economic and quality of life benefit of each project.

If applicable, describe the plan to maintain, or activate the asset the IEDC is investing in 

Each project should contemplate a multi-year timeline and include expected milestones to measure successful implementation. Provide expected project timeline that includes key project milestones including securing public and private financing, construction start date, and anticipated project completion (or upload a file)

20MB max
Certification

I herby certify that all information provided is true and accurate to the best of my knowledge.