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Greencastle Industrial Development Fund
History of Fund
Greencastle is one of two cities in Indiana to have a Citizens Advisory Commission for Industrial Development (CACFID). CACFID is a city committee that is charged with managing funds that are used for industrial development. The committee is composed of five community members that are nominated by the Greencastle Mayor.
Greencastle’s CACFID was developed in 1986. When the Greencastle sector of the IBM closed in 1986, the company provided a $1.7 million grant to the city. The Putnam County Community Foundation later approached the city about turning the grant into an endowment. At this time, the Community Foundation was eligible for the Lilly Endowment GIFT program, in which every endowment that was started at the Foundation would be matched with an unrestricted grant from Lilly. Because the Community Foundation was a relatively new establishment, many citizens were skeptical about using the IBM grant to start an endowment. After much discussion, the CACFID finally decided to start the Greencastle Industrial Fund at the Community Foundation with $650,000. The remaining money would be used to build the Veteran’s Memorial Highway. At the time, this was the largest endowment ever established with the Community Foundation. Because of the Lilly GIFT program, the establishment of the Greencastle Industrial Fund helped lay a sturdier foundation for the Putnam County Community Foundation. Years later, the Greencastle Industrial fund has grown to nearly $1.5 million dollars. CACFID has used payouts from the fund for many development projects including the maintenance and development of roads and parks, trade missions, and a contribution to the local Ivy Tech Facility. The fund has also allowed the city to give loans to Greencastle organizations for various projects.
The Greencastle Industrial Development Fund was one of the Community Foundation’s earliest success stories. Not only did this fund help the Foundation build a sturdy financial base, but it has also funded many important improvements for the city while still growing as an endowment.
Grant / Payout History
First Grant Awarded
Most Recent Grant Award