PIERRE, S.D. (KELO) — A Sioux Falls company that specializes in constructing water tanks and towers will receive back some of the state sales tax paid for its expansion project.

The South Dakota Board of Economic Development on Wednesday approved a reinvestment payment to Maguire Iron.

The company is relocating from North Minnesota Avenue to an industrial park northwest of the I-90/I-29 interchange.

The reinvestment payment will be up to 50% of the state sales and use tax paid on eligible project costs, up to $184,500.