South Dakota Gov. Larry Rhoden issued $1 million Friday from an economic development fund under his control to support an industrial and business park in Mitchell.
The money comes from the Future Fund, which is built up through fees submitted by employers when they pay taxes to support unemployment benefits.
The governor awards the dollars at his discretion, although a state law that took effect July 1 places new restrictions on the fund, including a more detailed description of acceptable uses and a requirement that awards must be recommended by the Governor’s Office of Economic Development.
The grant for Mitchell comes atop a $1 million loan from the U.S. Department of Agriculture and $1 million in local funding.
The Mitchell Area Development Corporation will use the money to prepare just over 18 acres of land on the south side of Interstate 90 on the western edge of town, installing utilities and roads.
That infrastructure is meant as an incentive for businesses considering expanding or locating in Mitchell, according to Development Corporation Director Mike Lauritsen.
“Once you put in the water, sewer and streets, it obviously becomes more attractive for businesses,” Lauritsen said of the land, which the corporation purchased three years ago. “We want to make it shovel-ready.”
Lauritsen said his office signed a detailed agreement with the state on the expectations for the project, which includes a payback provision if the park isn’t filled within 10 years of the infrastructure’s completion. Between the loan, local investment and the new dollars from Rhoden, Lauritsen said, the project is fully funded.
In a press release on the Future Fund award, Rhoden said the money would help Mitchell “attract new businesses, create quality jobs, and support long-term economic growth.”
Rhoden has awarded Future Fund dollars to several projects in 2026, including putting money recently toward funding for a program that creates a pathway for teaching certifications for paraprofessionals in K-12 schools.
Originally published on southdakotasearchlight.com, part of the BLOX Digital Content Exchange.
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