The South Dakota Board of Economic Development approved funding for three projects through the Revolving Economic Development and Initiative Fund, Local Infrastructure Improvement Program, and Reinvestment Payment Program. The projects support business expansion, infrastructure improvements, and long-term investment by one of the state’s largest employers.
A $500,000 Local Infrastructure Improvement Program grant was awarded to Lake County to support reconstruction of County Road 17. The project will improve transportation infrastructure serving the Dakota Ethanol facility near Wentworth and accommodate increased commercial traffic generated by the company’s ongoing expansion.
Dakota Ethanol is expanding production capacity by 50 percent, increasing demand for South Dakota-grown corn while producing additional distiller grains that supply the state’s livestock industry with a valuable feed ingredient. The road improvements will help support the movement of agricultural commodities and strengthen infrastructure needed for continued growth in South Dakota’s corn and livestock sectors.
The board also approved a $7.5 million REDI loan for Elevate Rapid City to purchase and develop 128 acres into a new business park in Rapid City, and the Reinvestment Payment Program application of Smithfield Packaged Meats Corporation to support construction of a new meat processing and packaging facility in Foundation Park in Sioux Falls.
The REDI, Local Infrastructure Improvement, and Reinvestment Payment programs provide financing and incentives that support business growth, infrastructure development, and private investment. They are available to qualifying new and existing South Dakota businesses that meet program requirements established in state law, these tools encourage investment that expands economic opportunity and supports long-term growth across the state.
