State board makes grants and loans for economic development projects
PIERRE — Two communities in eastern South Dakota received approval for local infrastructure grants Tuesday from the state Board of Economic Development.
North Sioux City will get $250,000 of state assistance for expanding Flynn industrial park to host several additional businesses.
Aurora, a small city in Brookings County, will see $50,000 of state assistance for a road project serving South Dakota Ag Labs. The plant-testing facility started at South Dakota State University campus in Brookings.
Last month the state board approved a loan of $3,099,384 to Acquisition Group III, a Rapid City-based builder of modular units for commercial construction such as hotels and dormitories.
The board also approved two loans to Intrinsic Materials Corp, another Rapid City-based company that is involved in bioscience and pharmaceutical manufacturing. One is $1,131,750. The second is $2,546,302.
The board also approved two reinvestment payments for sales and use taxes on equipment purchases.
One is for up to $400,000 for Farmers Union Industries, owner of Performance Pet Products in Mitchell. The second is for up to $270,000 to Hybrid Turkeys, a turkey hatching facility at Beresford.
In other action Tuesday, the board approved an economic development partnership grant of $7,500 to Black Hills Community Economic Development in Rapid City for training.
The grants were made through the Building South Dakota program the Legislature created in 2013. The loans occurred under the Revolving Economic Development Initiative fund the Legislature established in 1987 at Gov. George S. Mickelson's suggestion.
All loans and grants were discussed by board members and staff in executive sessions closed to the general public. The approval votes occurred in open sessions.