1-16G-1. Board of Economic Development created–Appointment–Terms. There is created a Board of Economic Development and the Governor may appoint up to thirteen members to consult with and advise the Governor and the commissioner of the Governor’s Office of Economic Development in carrying out the functions of the office. The members shall be confirmed by the […]
1-16G-1.1. Authority of Board of Economic Development. The Board of Economic Development, in order to implement this chapter, may: (1)Make contracts and execute all instruments; (2)Establish interest rates within the bounds as otherwise statutorily provided; (3)Collect fees and charges, as are determined to be necessary, reasonable, and proper in connection with its loans, advances, leases, […]
1-16G-1.2. Foreclosure as means of protecting loan–Sale, transfer, or conveyance of property. The Board of Economic Development may take title by foreclosure to any property given as security if the acquisition is necessary to protect any loan made under this chapter, and may sell, transfer, or convey any such property to any responsible buyer. Any […]
1-16G-1.3. Nonvoting members of Board of Economic Development. In addition to the members of the Board of Economic Development appointed pursuant to §1-16G-1, four nonvoting members shall be appointed to the board by the Legislature as follows: (1)The majority leader of the Senate shall appoint one member of the Senate; (2)The minority leader of the […]
1-16G-10. Annual report by Board of Economic Development. The Board of Economic Development shall prepare an annual report by the first day of November of each year detailing the activities of the board and the terms and conditions of any grants and loans made, including the current status of outstanding loans. Source: SL 1987, ch […]
1-16G-11. Documentary material consisting of trade secrets exempt from disclosure–Discussion of or action on trade secrets at meeting closed to public. Any documentary material or data made or received by the Board of Economic Development or Governor’s Office of Economic Development for the purpose of furnishing assistance to a business, to the extent that such […]
1-16G-16.1. Procurement of certain services for revolving economic development and initiative fund. The Board of Economic Development may use the revolving economic development and initiative fund for the purpose of paying taxes and liens and for the procuring of legal services and other services necessary to protect, recover, maintain, and liquidate the assets of the […]
1-16G-24. Use of earnings for administrative costs of Division of Finance of Governor’s Office of Economic Development. Earnings on the revolving economic development and initiative fund may be used for the administrative costs of the Division of Finance of the Governor’s Office of Economic Development. Such earnings shall be expended in accordance with the provisions […]
1-16G-3. Revolving economic development and initiative fund–Purpose. There is established in the state treasury a special revenue fund to be known as the revolving economic development and initiative fund for the purpose of making grants and loans for economic development. Source: SL 1987, ch 98, §1; SL 1988, ch 17, §6; SDCL §1-42-24; SL 2007, […]
1-16G-47.1. Disbursements from local infrastructure improvement grant fund and economic development partnership fund. The commissioner of the Governor’s Office of Economic Development shall authorize money from the programs provided under §§1-16G-50 and 1-16G-51 for the following purposes: (1)An amount to pay for any contracts entered into by the Governor’s Office of Economic Development with an […]
1-16G-49. Annual report to Government Operations and Audit Committee. Each department administering the funds created by §§1-16G-50, 1-16G-51, 11-13-2, and 13-13-88 shall report annually to the Government Operations and Audit Committee about the operations and results of the building South Dakota programs. The Governor’s Office of Economic Development shall report annually to the Government Operations […]
1-16G-5. Receipt of repayment of loans and interest–Rules–Loans for credit enhancement–Reversion of excess. Any repayment of loans made and any interest thereon shall be receipted into the revolving economic development and initiative fund and all money in the fund is hereby appropriated for the purposes of making grants and loans as provided in §§1-16G-3 to […]
1-16G-50. Local infrastructure improvement grant fund. There is hereby created in the state treasury the local infrastructure improvement grant fund. The Board of Economic Development may award grants to any political subdivision of this state, tribal government, or local development corporation from the fund to construct or reconstruct infrastructure for the purpose of serving an […]
1-16G-51. Economic development partnership fund created. There is hereby created in the state treasury the economic development partnership fund. The Board of Economic Development may award grants to any nonprofit development corporation, tribal government, municipality, county, or other political subdivision of this state from the fund on a matching basis as provided in §§1-16G-52 and […]
1-16G-52. Awards from economic development partnership fund. The Board of Economic Development may award funds from the economic development partnership fund for the following purposes: (1)To support new staff, or elevate existing part-time staff and equipment and training needs for the purpose of developing or expanding local, community, and economic development programs; (2)To support any […]
1-16G-53. Matching basis of awards from economic development partnership fund. Any funds awarded under the economic development partnership fund shall be provided on a matching basis. The funds awarded to a recipient for staffing may be distributed over a four year period with forty percent being distributed in the first year, thirty percent in the […]
1-16G-54. Promulgation of rules regarding local infrastructure improvement grant fund. The Board of Economic Development shall promulgate rules pursuant to chapter 1-26 regarding the application process and timelines, the guidelines and criteria for approval of applications, and the distribution of funds from the local infrastructure improvement grant fund. Source: SL 2013, ch 7, §8, eff. […]
1-16G-55. Promulgation of rules regarding economic development partnership fund. The Board of Economic Development shall promulgate rules pursuant to chapter 1-26 regarding the application process and timelines, the guidelines and criteria for approval of applications, and the distribution of funds from the economic development partnership fund. Source: SL 2013, ch 7, §9, eff. Mar. 20, […]
1-16G-56. Definitions relating to reinvestment payment program. Terms used in §§1-16G-56 to 1-16G-68, inclusive, mean: (1)”Board,” the Board of Economic Development; (2)”Commissioner,” the commissioner of the Governor’s Office of Economic Development; (3)”Completed the project” or “completion of the project,” the first date when the project is operational; (4)”Construction date,” the first date earth is excavated […]
1-16G-57. Reinvestment payment procedure. If the projects costs for a new or expanded facility exceeds twenty million dollars or the projects costs for equipment upgrades exceeds two million dollars, a person may apply for a reinvestment payment pursuant to §§1-16G-56 to 1-16G-68, inclusive. The person shall: (1)Timely file an application as required by §1-16G-58; (2)Receive […]
