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
“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
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.