EVANSVILLE, Ind. ( Dec. 20, 2022) – The Southwest Indiana Regional Development Authority (RDA) obligated an additional $11.5 million of the $50 million total in Regional Economic + Acceleration Development Initiative (READI) grant funds toward 5 transformational projects located throughout the Evansville Region. Since July, in total the RDA has allocated over 70% of the funds for the Evansville Region.
“Focused on population growth, our region continues to make impactful investments that are intentional in building our health and life science clusters, providing much-needed housing, and enhancing the overall quality of life for residents, said Tara Barney, CEO of the Evansville Regional Economic Partnership (E-REP).
The projects receiving READI funding include:
Medical Student Housing – Vanderburgh County, $5,000,000 READI Award
Project Summary: Seen as the next step in the development of the Evansville Region’s Medical Campus, the new development being proposed on this site is currently a surface parking lot. The new, proposed 108,000 sq ft. building will consist of 105, 1- and 2-bedroom apartment units and 184 structured parking spaces.
Promenade Flats – Vanderburgh County, $2,500,000 READI Award
Project Summary: The Promenade on Evansville’s eastside is mixed-use development area, and this READI project will allow for housing to be added to the area. These residential units will be walkable to restaurants, grocery, and entertainment. The site will also have amenities like a pool, balconies, and garages. From the builder of the Post House, a Regional Cities win, CRG Residential is proposing a 220-unit apartment complex near employers like Deaconess Gateway and Shoe Carnival headquarters.
The Mary O’Daniel Stone and Bill Stone Center for Child and Adolescent Psychiatry – Vanderburgh County, $2,000,000 READI Award
Project Summary: Establishes a $2 million seed fund at Indiana University School of Medicine‐Evansville to support the recruitment and retention of a highly trained workforce over the next five years that is globally competitive and relevant while simultaneously improving the quality of our residents’ lives. This includes the creation of a first‐of‐its‐kind national data analytics platform for examining the current practice of psychiatry across the US. This real-world data asset is being led by a collaboration between the IU School of Medicine Evansville campus and nationally deployed HIPAA compliant electronic health record systems across a collective network of up to 10,000 community‐based specialists and primary care physicians nationwide.
Centerpoint Energy Square – Vanderburgh County, $1,000,000 READI Award
Project Summary: Seen as Downtown Evansville’s “public square,” Centerpoint Energy Square will sit at the very center of downtown and our region right on Main Street. It will become a gathering place open to all and an active, inviting, and vibrant addition to park offerings in our region. Centerpoint Energy announced a $1 million grant for this park in 2021. The budget includes “fun” additions such as a stage, ping pong tables, swings, and more.
Mt. Vernon Riverfront Land Acquisition – Posey County, $1,000,000 READI Award
Project Summary: The City of Mount Vernon has recently announced a $100 million investment within Posey County, that will bring 200 jobs to the area in future years. Housing in Mount Vernon is already needed, and this exciting announcement only increases the need. The Centerpoint Energy office on the riverfront in Downtown Mount Vernon is being vacated in 2024, and this project will use READI dollars to gain site control in 2024 and prepare the land for future housing.
The Evansville Regional Economic Partnership (E-REP) on behalf of the RDA will work with the awarded projects on next steps while continuing to review additional projects for READI eligibility. In total the RDA has obligated over 70 percent of the funds for the Evansville Region.
The LiveREADI request for proposal (RFP) for housing projects and PlayREADI RFP for quality of place projects are open until December 31, 2022. E-REP provides the most up-to-date information about READI through its website at https://www.evansvilleregion.com/readi-program/.
About the Evansville Regional Economic Partnership (E-REP)
The Evansville Regional Economic Partnership (E-REP) leads economic development efforts for the Evansville, Indiana region and elevates the overall quality of life through transformational projects, planning, advocacy, and member engagement. Additionally, E-REP supports the attraction, startup, and growth of regional businesses.
About the Southwest Indiana Regional Development Authority
Demonstrating once again that the Evansville Region knows about collaboration, the Southwest Indiana Regional Development Authority (RDA) was formed by a joint four-county ordinance in 2015 to apply for and then distribute the $42 million of Regional Cities Initiative funding. The RDA is a quasi-unit of government and comprised of a five-member board representing Posey, Gibson, Warrick and Vanderburgh Counties along with the City of Evansville. Indiana Code 36-7.6 defines the process of establishing an RDA and sets forth the duties and powers of the development authority, primarily focused on assisting in the coordination of local efforts concerning projects of regional importance. The Evansville Regional Economic Partnership (E-REP) was engaged to administer the regional work on behalf of the RDA.
About the Regional Economic + Acceleration Development Initiative
In May of 2021 Governor Eric J. Holcomb announced the Regional Economic Acceleration and Development Initiative (READI) program, a $500 million initiative geared toward accelerating Indiana’s population growth by supporting regional economic development strategies focused on making Indiana cities and towns a magnet for talent. To achieve this goal regions will invest into financial partnerships