Sturgis Economic Development Corp.Sturgis, South Dakota

OVERVIEW: Sturgis Economic Development Corp. (SEDC) was created in 1973 as the Sturgis Industrial Expansion Corporation, adopting its current name in 2007. A Tax Increment Finance district was established to encompass the entire industrial park developed by the SEDC, which includes curb, gutter, paved roads and all utilities including streetlights. The Sturgis organization employs a full time president, Pat Kurtenbach, and is governed by a 12-member volunteer Board of Directors. An active participant in the Dakota Resources Capital Investment Fund, SEDC is also is funded through property sales and rentals, revolving loan interest, the City of Sturgis, Meade County, Municipal Utility Board, business and individual investors and grants.

SERVICES AND CLIENTS: The organization compiles and maintains a community profile containing information frequently requested by prospects looking for area investment. The group is exploring expansion and a possible building in the industrial park in addition to working on a new downtown revitalization concept. In 2012, the 45-acre Sturgis Industrial Park was home to 25 businesses and over 200 employees. SEDC also maintains a list of other available business sites and buildings.

CLIENT SPOTLIGHT: A recent project utilizing Capital Investment Fund resources is the Aspen Grove assisted living facility. The $3.2 million, 22,000 square foot facility provides 33 apartment suites offering assisted living services and with 15 full time jobs, as well as several part time positions. Aspen Grove allows local residents requiring daily assistance to remain in Sturgis rather than moving out of town as many have previously been forced to do. The City of Sturgis, Greater Sturgis Lifecare Foundation and the Sturgis Economic Development Corp donated all of the land for the project, valued at $270,000. Meade County commissioners established the Meade County Economic Development Fund to contribute $100,000 in revolving loan financing for the project. Additionally, the project qualified for Meade County’s 5-year zero percent property tax discretionary program. In total, nine different funding sources made the project possible.

Borrower Profile

FOR INFORMATION visit www.dakotaresources.org, call 605-978-2804 or email beth@dakotaresources.org