The Northeast Indiana Regional Development Authority (RDA) met today to consider requests for Regional Cities Initiative funding for projects supporting the Road to One Million plan.
Due to supplemental funding resources to support The Landing development in Fort Wayne, the board has an additional $2 million to invest in regionally transformative projects. To be able to fund as many projects as possible, the RDA reduced each project’s original grant request by 2 percent.
The board voted to support seven projects including:
1. Riverfront Park Fort Wayne Phase I in Allen County, which endorsed a $5,170,480 grant, representing less than 20 percent of the $26,381,000 of the project’s total cost;
2. Eagles Theatre Project in Wabash County, which endorsed a $976,635 grant, representing less than 20 percent of the $4,982,838 of the project’s total cost;
3. Wabash Trails in Wabash County, which endorsed a $941,031 grant, representing less than 20 percent of the $4,801,180 of the project’s total cost;
4. Russel and Evelyn Fahl Aquatics Facility in Whitley County, which endorsed a $844,078 grant, representing less than 20 percent of the $4,258,751 of the project’s total cost;
5. Strawberry Valley Cultural Trail in Noble County, which endorsed a $248,920 grant, representing less than 20 percent of the $1,270,175 of the project’s total cost;
6. Fishing Line Trail in Noble County, which endorsed a $171,500 grant, representing less than 20 percent of the $1,023,673 of the project’s total cost; and
7. Kendallville Outdoor Recreation Center in Noble County, which endorsed a $392,000 grant, representing less than 20 percent of the $2,388,132 of the project’s total cost.
“For the RDA board, it’s critical we fund as many regionally transformative projects as possible to attract and retain talent in Northeast Indiana. Thanks to the funding available to The Landing Project, we were able to invest in seven more quality of place projects across the region. This is what the Road the One Million plan is all about,” said RDA board chair Bob Marshall, executive vice president of Campbell & Fetter Bank.
The Board’s recommendation now goes to the Indiana Economic Development Corporation (IEDC) for review and final approval to receive funding.
The RDA also reported on the progress of the following Road to One Million projects, which are either approved or under review by the RDA or the IEDC: 1. Skyline Tower;
2. Trine University;
3. University of Saint Francis;
4. Embassy Theatre;
5. The DeKalb County YMCA;
6. Little River Trail;
7. Manchester Early Learning Center;
8. Buffalo Street Redevelopment Project;
9. Fort Wayne Regional Trails;
10. South Adams Trails;
11. The Enterprise Center;
12. The United Brethren (UB) Block;
13. Posterity Heights Scholar House;
14. Michiana Event Center;
15. The Landing; and
16. The Clyde Theatre Renovation Project.
“The board will continue to temporarily suspend the review of new projects. However, Northeast Indiana will persist in our tireless efforts to search and advocate for additional investment in the Regional Cities program,” said Michael Galbraith, director of the Road to One Million at the Northeast Indiana Regional Partnership.
As of April 2017, the Northeast Indiana RDA has recommended $31.7 million in funding to the IEDC, leveraging $209.5 million in private investment in the region.
The RDA is responsible for disbursement of the $42 million in funding granted to the region through the Regional Cities Initiative. The Northeast Indiana Regional Partnership, which helped lead the effort to secure the Regional Cities Initiative funding, also provides staffing support to the RDA.
The purpose of the Regional Cities Initiative funding is to attract and retain talent by providing financial support for game-changing quality of place projects that will increase economic growth, lead to population growth and enhance the region’s national brand identity. Northeast Indiana won the Regional Cities grant in 2015 with its Road to One Million Plan that outlines more than 70 projects and $1.5 billion in investment over the next 10 years.