READI 2.0 projects are now underway in Indiana, ushering in another $500 million in state funding to cultivate vibrant communities

KOKOMO – Governor Eric J. Holcomb joined local and regional officials in Kokomo today to break ground on the first quality of place project supported by the recent expansion of the Indiana Regional Economic Acceleration and Development Initiative (READI 2.0), which increases the state’s overall program commitment to $1 billion, marking an unprecedented state-led investment in cultivating vibrant communities that attract and retain top talent. In Kokomo, READI 2.0 funding will facilitate the expansion of University Park at Indiana University Kokomo, adding critical student housing and amenities to retain and attract top talent and support significant job creation plans in the region’s growing electric vehicle (EV) industry.

“The expansion of the READI program was initiated in large part due to the enthusiasm and demand for continued quality of place investments from communities across the state,” said Gov. Holcomb. “READI 2.0 will accelerate our collaborative efforts to cultivate vibrant, modern and sustainable regions that attract and retain future-focused businesses and residents. This is an incredible day for Kokomo, for North Central Indiana and for the state as a whole as we break ground on the first READI 2.0 investment that is poised to transform and support the city’s growing workforce.”  

READI 2.0, which was a part of the governor’s 2023 Next Level Agenda and approved by the Indiana General Assembly, was a direct response to the significant demand for quality of place investments from communities across the state. The expansion allocates another $500 million – growing the state’s overall commitment to $1 billion – to regions across the state to accelerate shovel-ready projects and programs that are expected to transform Indiana communities, attract talent and improve the quality of life for Hoosiers in the short and long term. READI 2.0 funding allocations were awarded in April to 15 regions representing all 92 counties. These regions will also have the opportunity to submit projects and programs for an additional $250 million in funding made available by the Lilly Endowment Inc. to accelerate blight remediation and arts and culture initiatives.

In Kokomo, READI 2.0 matching funds are being used to support the two-phase, $32.8 million expansion of University Park ($3.75 million READI 2.0 allocation), a recently developed 125-bed student housing complex on S. Lafountain Street. The expansion will establish the Villages at U Park, creating up to 280 multi-family units and 474 beds along Kokomo Creek with views of the American Legion Golf Course to meet increased demand for student housing at IU Kokomo. The first phase of investment is expected to be complete by summer of 2026, paving the way for additional development that will create community-centered and business-focused spaces, such as additional trailways, gaming courts and commercial space for up to three small businesses.

“Today’s groundbreaking is the perfect example of how Indiana is tackling economic development on all fronts,” said Secretary of Commerce David Rosenberg. “Kokomo is experiencing unprecedented business growth thanks to its skilled manufacturing talent and the commitment of future-focused mobility leaders. Here, in partnership with the North Central region, we’re leveraging READI 2.0 funds to meet the needs of today’s businesses, ensuring they have the talent needed to grow and succeed, while increasing housing and amenities tailored to residents and to growing the city’s population and workforce pipeline.”

The University Park expansion comes at a critical time for Kokomo and the surrounding region as it experiences transformational economic growth, particularly in the battery and EV industry. Stellantis and Samsung SDI are establishing two StarPlus Energy gigafactories in Kokomo with plans to invest $6.3 billion and create 2,800 new jobs. The first next-generation electric vehicle manufacturing facility, which was announced in May 2022, is currently under construction and targeted to launch in the first quarter of 2025. The region has also attracted additional growth from industry suppliers and partners, such as soulbrain MI and Jaewon Industrial, which are both establishing new operations in Kokomo to serve lithium-ion battery manufacturers and the state’s growing EV supply chain.  

“Projects like this show just how great it is to live and do business in Indiana,” said Kokomo Mayor Tyler Moore. “The implementation of the State’s two READI programs, along with other investments in which Kokomo has partnered with IEDC, has changed the economic landscape of our community and has truly helped take Kokomo to the next level.”

Kokomo is part of the North Central region – led by the North Central Indiana Regional Planning Council – that was awarded $65 million in READI 1.0 and 2.0 matching funds to maximize and build on recent regional momentum to ensure long-term dynamic growth. The region’s READI 2.0 plan is focused on accelerating leadership in innovation investment and advanced manufacturing and technological innovation by growing a skilled workforce; enriching the region with quality-of-life assets, such as housing and childcare; and supporting entrepreneurship and small business.

READI 1.0 awarded $487 million to 353 unique projects and programs across the state, yielding $12.6 billion invested (26:1 investment leverage ratio) in quality of life, quality of place and quality of opportunity initiatives. READI 2.0 allocations, along with the partnership of the Lilly Endowment, is expected to yield at least another $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.

Learn more at IndianaREADI.com.