Chesterton Tribune

 
 

RDA Board agrees to use $4.45M from fund to attract three companies to NWI

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The Board of Directors of the Northwest Indiana Regional Development Authority (RDA) has approved a request from the Indiana Economic Development Corporation (IEDC) for use of the RDA’s Deal Closing Fund to bring jobs and economic development to Northwest Indiana.

At its quarterly board meeting on Tuesday at the Purdue Tech Center in Crown Point, the RDA Board agreed to use $4.45 million from the Deal Closing Fund to support efforts to attract two new companies to Lake County and one to Porter County.

“These three projects will create an estimated 314 jobs over the next several years,” the RDA said in a statement released after the meeting. “Full details will be released when the deals are finalized. If for any reason the deals are not completed, no RDA funds will be released.”

The RDA released no further information about the companies in question.

“The RDA created its Deal Closing Fund in 2011 to support job creation in Northwest Indiana,” the statement said. “It has previously employed the fund to help bring Modern Forge’s new facility to Merrillville and improvements by CN to the Kirk Yard in Gary.”

In other business on Tuesday, the RDA Board green-lighted the creation of a Community Challenge Fund which would provide matching grants to help units of local government in Lake and Porter counties to leverage funds from the private sector or from public entities, for public initiatives or projects of regional significance.

The Community Challenge Fund will begin with an annual authorization of $1 million per year and each applicant may apply for a maximum of a $200,000 grant.

Details of the application process and requirements for these grants are under development and will be submitted to the RDA Board for approval before the end of the 2012.

 

 

 

Posted 10/17/2012