Are you missing out on economic development opportunities due to a lack of infrastructure?
If your community is working with an existing company on an expansion project or if you are in negotiations to relocate a new business into your community, maximize the tools available to you in Indiana. Public infrastructure to meet the demand of expanding or relocating companies is critical in the site selection process. Don’t be passed by because you can’t meet the demand.
In this whiteboard video, you will learn how the Industrial Development Grant Fund (IDGF) assists municipalities and other eligible entities as defined under I.C. (Indiana Legislative Code) 5-28-25-1. The grant may be provided to reimburse a portion (typically up to 50%) of eligible public infrastructure costs over a period of two, full calendar years from project commencement. The transcript is included below this video for your convenience.
Hi. My name is Tyler Graves. I'm an economic development and business development professional with Wessler Engineering.
In the state of Indiana, as we travel around, we find time and time again that financing is the major hurdle for most projects. We have multiple programs that are available in the state to help you accomplish your end goal of providing infrastructure to your community. One of those tools we have is the Industrial Development Grant Fund, the IDGF, administered through the Indiana Economic Development Corporation.
Communities that may be eligible, or bodies that may be eligible, would be your cities, towns, counties, special taxing districts, economic development organizations and not-for-profits. Qualifying projects would be your public infrastructure - your roads, sewer, water, rail spurs, high-tech infrastructure - general public infrastructure within your community.
The benefits of this program being administered in your community are going to be many. You're going to provide infrastructure to previously un-served parks within your community. Sites will now have water, sewer and roads that they once did not. This will also help with your economic development goals. You will now be deemed, can be deemed, shovel ready because you have the infrastructure in place to accommodate the new company coming to town.
The application process runs through the Indiana Economic Development Corporation. The deciding factors will be many. But some of those are going to be the jobs, the total number of jobs, the wages of those jobs, and the major importance of this infrastructure to your community.
The maximum dollar amount is going to be roughly up to, up to 50%. There's no guarantee that 50% of this goal will be matched but the program is designed to try to assist the communities to make sure they have the infrastructure they need when they don't have the money it takes to accomplish this.
If you have any further questions about the program we've discussed today, please leave a comment below.
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