PIERRE, S.D. (KELO) — North Sioux City Economic Development Corporation received approval Wednesday for a low-interest loan of $10.5 million from the South Dakota Board of Economic Development.
The money will help purchase property for a new industrial park. It is one of the largest loans ever by the board.
The board also okayed a $500,000 grant to build a road into the site.
In other action Wednesday, the board approved:
- A $500,000 grant to Sioux Falls Development Corporation for infrastructure.
- A $500,000 grant to Lake Preston for water-system improvements.
- A reinvestment payment of $56,250 but not to exceed 50% of state sales and use tax paid by Central States Manufacturing in Hartford.
- A reinvestment payment of $427,500 but not to exceed 100% of state sales and use tax paid by Henkel US for expansion at Brandon.
- A reinvestment payment of $135,000 but not to exceed 100% of state sales and use tax paid by Pacific Stainless Products for expansion at Spearfish.