State board gives a large tax refund for wind farm and grants a big loan
PIERRE — A wind farm in southeastern South Dakota would get a potentially large tax refund and a Sioux Falls construction business would receive a large low-interest loan under decisions made Tuesday by the state Board of Economic Development.
The board approved a refund up to $2.9 million for B&H Wind, a Minnesota-based company building a wind farm in Bon Homme, Charles Mix and Hutchinson counties.
The board set a limit on the refund of 85 percent of the sales and use taxes paid on the $125 million project.
"I know we had a lot of discussion on this," board chairman Jeff Erickson, of Sioux Falls, said, after the executive session on the various applications.
The Carl V. Carlson Co., a concrete company based in the south Sioux Falls area, won approval for a loan of $1,420,000 from the state board.
The board first voted to waive its $1 million loan limit policy for Carlson.
The board also approved economic development grants of $10,000 to the Heart of the Hills Development Corp. in Hill City and $40,000 to the city of Wagner, plus an infrastructure grant of $143,000 to the city of Parkston toward its water system project.
The board denied an economic development application for $100,000 from Cloud Horse Art Institute and infrastructure applications for $390,000 from the city of Hartford; $452,500 from Thunder Valley Development Corp.; and $354,258 from the city of Pierre.