At Governor Holcomb’s State of the State address on January 9, 2024, he announced that Lilly Endowment Inc. had gifted $250 million to the Indiana Economic Development Corporation (IEDC), marking the largest award given to a single organization in Lilly Endowment’s more than 85 year history. The grant will be used to compliment the state’s READI investment, providing even more funding opportunities for critical quality of place projects statewide and fueling the creation of unique, vibrant and livable communities throughout Indiana for generations to come.
Blight Reduction & Redevelopment
The funding will allocate $185 million to blight remediation and redevelopment projects that align with regional development strategies focused on improving quality of life and quality of place.
Eligible activities:
- Must include properties that are either vacant, deteriorating, underutilized, or blighted that have demonstrated an impact on the valuation of the subject assets and surrounding property values.
- May include rehabbing historic structures, repurposing closed industrial plants to create inviting community spaces or mixed-use developments, or demolishing vacant, single-family homes to construct new affordable housing.
The match requirements are a minimum of a 4:1 match. This includes a required 1:1 match from local public funding and 3:1 match from private and philanthropic sources. At least 60% of the match should be from private sources.
The IEDC will administer and have sole discretion on which projects receive funding and determine the appropriate investment model (grant, loan, equity, terms and structure). Projects ultimately funded will have to align with READI 2.0 goals and KPIs. Project must begin construction within two years.
Arts and Culture
The funding will allocate $65 million to arts and culture projects that align with regional development strategies focused on improving quality of life and quality of place.
Eligible activities:
- Public art including murals, sculptures, installations, programmable lighting on key assets, or other artistic community improvements.
- Development of museums, performing arts venues, art centers, art studio complexes, or other culturally significant attractions or facilities (including improvements to existing facilities).
- Art and cultural competitions or festivals, provided the applicant demonstrates long-term funding commitments to sustain any such effort.
- Initiatives to attract nationally and internationally recognized arts and cultural performances to Indiana.
- Initiatives to support the further development of a region’s creatives and creative economy
- Development of visual architectural design elements that are unique to local communities
The IEDC will have flexible terms on match for arts and culture projects associated with the Arts & Culture Initiative, given the nature of eligible projects. Regions’ portfolios of READI 2.0 projects will still need to adhere to the 4:1 match requirement detailed in the READI 2.0 criteria. IEDC will administer and have sole discretion on which projects receive funding and determine the appropriate investment model (grant, loan, equity, terms and structure). IEDC will evaluate projects in coordination with Indiana Arts Commission and other partners. Projects ultimately funded will have to align with READI 2.0 goals and KPIs. Project must begin construction within two years.
Project Selection Process
To be determined. Please continue to check back here for more information as we receive further details from the IEDC.