|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||4||$2,574,575|
Sioux Falls is the employment, medical, financial, and retail hub of a large region encompassing much of eastern South Dakota, southwest Minnesota, and northwest Iowa. In July 2015, Capital One, one of Sioux Falls’ major employers, announced plans to cease its local operations by the end of 2015. The facility subsequently closed, eliminating 750 jobs. To recover from the significant job loss, the City of Sioux Falls needed rail infrastructure for Foundation Park, an existing 820-acre heavy industrial park, to attract new business to the area. Numerous companies with pent-up rail demands expressed interest in the Foundation Park location to the Sioux Falls Development Foundation. Sioux Falls has few large-parcel sites developed and minimal land available that provides rail access within the region.
In September 2016, EDA invested $1.695 million in Economic Adjustment Assistance funds to assist Sioux Falls Development Foundation with the development of rail infrastructure within Foundation Park. The Park is located at the intersection of Interstates 90 and 29, and is within minutes of the Sioux Falls Regional Airport. EDA’s assistance will develop the rail infrastructure, enabling four active development projects and future companies interested in Foundation Park locations to access rail services for their shipping and receiving needs. The availability of developed rail sites in Foundation Park will have a significant impact in creating jobs to help Sioux Falls recover from the impact of the Capital One job losses.
Because of this project, one company, Windwalker Transportation, Inc., will create 50 new jobs and invest $51.9 million in private funds. When fully developed, the Foundation Park project is expected to create 120 new jobs and leverage $67 million in private investment.