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Posted on  

June 24, 2002

Officials from Dakota Venture Capture Cooperative have secured long-term financing for an ethanol plant

Officials from Dakota Venture Capture Cooperative have secured long-term financing for an ethanol plant and feedlot to be constructed in Sully County.

According to DVCC secretary Tom Tveit, CoBank of Omaha, Neb., has agreed to provide financing for $35 million. The financing is contingent upon receipt of $10 million in funding from the United States Department of Agriculture. The $10 million is a portion of the $35 million loan.

Tveit said the DVCC board is hopeful that the process to secure the $10 million will be completed in July. Construction of the facility will likely begin immediately upon receipt of the funds.

"We have no control over the timing of it at this point," Tveit said. "Until we have it in place we can't access the loan so we're being cautious that it gets done before we committ to the loan. But we think it's a done deal."

A recent press release said the board hopes to begin construction sometime after July 4.

"That is our hope," Tveit said. "We have no idea at this point if that is accurate or not because we have to complete the process for this guarantee."

Securing a financing package acceptable to the DVCC board was the final step necessary before construction management company Prime Technologies began the process for breaking ground. According to Tveit, several local contractors will be involved with the actual construction of the $60 million facility.

In addition to the financing, DVCC officials are working with Sully County to provide tax increment financing. Through this arrangement Sully County will allow a sale of bonds to finance infrastructure parts of the project which are subject to property tax. The bonds will be repaid to the county through property taxes on the facility.

More than 1,000 agricultural and private entities have invested approximately $19 million in the project. The federal government has also pledged $6 million for the facility.

The ethanol plant and cattle feeding complex is designed to process grain into ethanol, with the byproducts being fed to cattle. Methane waste will then be transformed into energy to power the plant.

According to Tveit, when the facility is fully operational it will provide 64 full-time positions and process 10 million bushels of local corn per year. It will also provide feed for 65,000 heads of cattle, to market weight, per year.

Preliminary calculations project that DVCC will spend $20 million on local grain and approximately $15 million on other local goods and services per year.

"It will have a real impact on our local economy and our local people," Tveit said.



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