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Dozens Of Projects In SD Initiative's First Year

May 24, 2014, 11:06 AM

Dozens Of Projects In SD Initiative's First Year
PIERRE, SD -

A new state economic development effort doled out more than $7 million in grants and loans in its first year, though some lawmakers want to revisit how the money is distributed.

The 2013 Legislature established the Building South Dakota fund as a way to eliminate some of the debate about how to use unclaimed property dollars on housing, education and infrastructure projects.

Records show the program has awarded $3.5 million to 38 housing projects, $2.1 million on programs for English language learners, just over $1.1 million to six local infrastructure projects and about $630,000 to 12 other projects.

It also funded a 5 percent boost to the Revolving Economic Development Initiative, or REDI fund, which has been active since the 1980s.

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