If you have a project that is likely to seek Regional Cities Initiative funding, get your application in as soon as possible, and make sure the proposal is shovel-ready.
That seems to be the theme for the Northeast Indiana Regional Development Authority, which has less than $30 million left to distribute to quality-of-life projects that promise to retain and attract talent and businesses to the region.
The Northeast Indiana RDA had $42 million in Regional Cities grant money from the Indiana Economic Development Corp. to distribute to begin with. But more than 30 percent of that already was granted to five projects, and RDA members debated at a July 19 meeting if a limit should be set on the amount of Regional Cities monies it approves for a given project.
Initially, the general thought was that the RDA would award up to 20 percent of a qualified project, said board member Brad Bishop.
“Either we take a small haircut now, or we will be finished in four quarters,” said Bob Marshall, RDA vice chairman.
Thus far, the RDA has approved funding for the following projects:
• $2.8 million - Skyline Tower - a 124-apartment building with retail and office space being developed by Great Lakes Capital in downtown Fort Wayne;
• $2.8 million – University of Saint Francis – ongoing renovations at the school’s downtown Fort Wayne campus;
• $2.8 million – Trine University – a new ice arena and athletic and event center in Angola;
• $1.75 million – Embassy Theater – ongoing upgrades that include a two-story ballroom, rooftop patio, updated concession areas and bars and other amenities at the theater’s downtown Fort Wayne venue; and
• $947,000 – YMCA of DeKalb County - a natatorium and soccer and football field complex in Auburn.
All projects, except the Skyline Tower, still await final approval from the IEDC.
That leaves about $29 million for other projects, according to Michael Galbraith, the new director of the Road to One Million, which listed more than 70 projects that the Northeast Indiana Regional Partnership promoted in its campaign to receive Regional Cities monies.
“We’re trying to be fair to all counties,” Marshall said.
The RDA’s intention is to have the greatest impact with a limited amount of money, he added.
John Sampson, president and CEO of the Regional Partnership, encouraged board members not to set any firm limits in terms of numbers.
“Find projects that will move the region the most,” Sampson said. “We submitted more projects (in the Road to One Million campaign) than RCI would ever fund.”
Galbraith anticipates the RDA will receive requests totaling $63 million from across the region, based on the second quarter progress reports filed for Road to One Million projects.
Of those expected requests, more than $42 million is for projects in Allen County.
The estimated total includes funds for projects that have longer timelines than others. Some of the projects may be in the initial fundraising and planning phases, while others are ready to break ground, said Alan Tio, senior vice president for the Regional Partnership.
Board members informally came to the conclusion that funding shovel-ready projects is a priority and they did not want to stall those projects to save money for projects with less precise timelines.
“In my opinion, the quicker we get out funding in the region, the better off the region,” RDA Chairman Jeff Turner said.
Part of the thinking behind the board members’ decision to move forward with funding requests is that the RDA has two years to distribute the funds. In the meantime, local organizations will be lobbying state politicians for additional funds, perhaps a continuation of the Regional Cities Initiative program.