Regional Development Authority Invest More in Region
Article by KPC News | November 13, 2019
FORT WAYNE — The Northeast Indiana Regional Development Authority 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, it was decided in a meeting held Tuesday.
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.
To date, the northeast Indiana RDA has leveraged nearly $42 million of state Regional Cities initiative funding to generate more than $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.
“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 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 rda@neindiana.com.
To learn more and access project forms, visit the website at neindiana.com/rda.
RDA project funding
These are the Northeast Indiana Regional Development Authority—funded projects from the initial $42 million granted to the agency:
*Projects marked with an asterisk were completed as of August 2019
Great Lakes Capital — $2.8 million*
University of Saint Francis — $2.8 million*
Trine University — $2.8 million*
Embassy Theatre — $1.75 million*
DeKalb County YMCA — $947,000*
Little River Trail — $255,748*
Manchester Early Learning Center — $520,000*
North Buffalo Street Redevelopment Project — $3.5 million
Regional Trails — Fort Wayne — $1.77 million*
South Adams Trails — $498,000
The Enterprise Center — $323,000*
UB Block — $1.6 million
Michiana Event Center — $3.96 million*
Posterity Scholar House — $2.84 million*
The Landing Redevelopment — $4.26 million
The Clyde Theatre Renovation Project — $1 million*
Riverfront Park Fort Wayne, Phase I — $5.17 million*
Eagles Theatre Project — $976,636
Wabash River Trail — $941,031
Russel and Evelyn Fahl Aquatics Facility in Columbia City — $844,079*
Strawberry Valley Cultural Trail in the City of Ligonier — $248,920
Fishing Line Trail — $171,500*
Kendallville Outdoor Recreation Center — $392,000*
Grow Wells County — $423,183
Article source: https://www.kpcnews.com/heraldrepublican/article_850a35b2-a858-505a-ad74-9c83aa398936.html