Regional Cities to spur hundreds of millions in investment in Elkhart County

The Northern Indiana Regional Development Authority — the five-member governing body for the South Bend-Elkhart Region — is determining how the $42 million in Regional Cities funding will be handed out.

The initial 39 projects that were submitted could amount to more than $1.1 billion in investments, including $170 million in Elkhart County alone. More than $95 million has been requested from the various projects; $45 million is needed just to tackle the top five.

The Elkhart County projects alone have asked for more than $30 million in Regional Cities funding. 

Funding for the projects is broken down into three parts. Up to 20 percent must come through public sources, up to 20 percent through the Regional Cities Initiative and 60 percent or more through private sources. The private and public money must be secured before projects are eligible to submit for Regional Cities funding.

CLOCK IS TICKING

The Regional Development Authority expects to have four years to hand out the funding from the Indiana Economic Development Corporation. That means projects that are slow getting the right mix of funding may be left behind.

Peter McCown, an RDA member, has said he feels projects may have 18 to 20 months to secure funding before the Regional Cities money is gone.