PIERRE -- A project received approval for a large refund of state taxes on equipment purchases as one of the decisions Tuesday by the state Board of Economic Development.
The board found that "PEG Project 1" is eligible for tax refunds up to $356,420 under South Dakota's reinvestment payment program.
PEG is the name for a holding company opening a fine-metals manufacturing plant at Beresford.
The board approved two low-interest loans.
*One loan was $441,900 to Cattail Company of New Hope, Minn., for its project at Woodland Cabinetry at Sisseton.
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* The other loan was $360,000 to Pierre Economic Development Corporation and South Dakota Pulse Processors for its plant.
The board also awarded grants to:
*Aberdeen Development Corp., $150,542;
*City of Kimball, $40,000;
*Wagner Area Growth Inc., $78,000;
*Northeast Council of Governments revolving loan fund, $250,000; and
*Valley Springs municipal water and sewer extension, $75,000.
The board also approved accepting an offer of $200,000 from Griffith Properties for the repossessed Midwest Performance Converter facility at Gary. The buyer is responsible for real estate taxes.
