Indianapolis will receive $55 million through a federal program to fund economic development in at-risk communities.
The money, from the New Markets Tax Credit program, will act as a lure for the city to fish for investors and developers.
This marks the second time the city has received funding from the program. In 2010 a $32 million award helped renovate a downtown building to build the Ivy Tech Culinary School and Conference Center.
Indianapolis Mayor Joe Hogsett announced the award Tuesday in that same Ivy Tech building.
Hogsett told the story of a woman who enrolled in the culinary school without any experience, putting her on the path to becoming a department supervisor. He says the story exemplifies the ultimate, life-changing effects of redevelopment.
Deputy Mayor Jeff Bennett says they'll spend the next few weeks looking through investors' proposals. He says they'll look for those that promise a significant impact on the surrounding community.