Mitchell earmarked for $1 million economic loan
SIOUX FALLS, S.D. (KELO) — Mitchell will get an expected $1 million boost from a USD loan and grant program to develop a new industrial park.
The Mitchell Area Development Corporation (MADC) said in a Friday news release it had received preliminary approval for the $1 million no interest loan.
Keeping Farmers Farming for generations to come
The loan is for 10-years, Mike Lauritsen, the CEO of MADC said in the release.
The industrial park will be located in the city's southwestern corner. MADC has already signed a purchase agreement, according to the new release. Construction of paved roads, water and sewer lines, and an electrical network is set to start yet this year.
The loan and industrial park are part of an overall plan to grow the city, Lauritsen said in the release. MADC its partners has had success with a program that offers and incentive for families to move to Mitchell. MADC is also working to add 100 new homes to the community.
The city of Mitchell is doubling water capacity by 2027 and tripling sewer capacity by 2026 in anticipation of growth, according to the news release.
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