ABERDEEN, S.D. — Many local officials have called a soybean processing plant that’s being built in the northern part of South Dakota a huge economic win for the state, but it’s difficult to find data or details to back those assertions.
The history and status of Ag Processing Inc.’s soybean plant in southern Nebraska can more accurately predict what Aberdeen and the surrounding area can expect, the Aberdeen News (http://bit.ly/2txVqk0 ) reported.
Many of the same things officials have said about Aberdeen’s plant match what was said when the expansion of the soybean processing facility in Hastings was announced.
Yet, some things are different. For example, some of the infrastructure was already in place in Hastings.
Hastings Economic Development Corp. Executive Director Dave Rippe estimated that the company has spent at least a half-billion dollars in Hastings since it opened in the 1990s.
“They are very committed to their facilities and their communities,” he said.
Although it’s hard to quantify the company’s economic impact in precise numbers, Rippe said there are a number of positive indicators, including property taxes, utility use, farmer benefits, and payroll.
“The property tax windfall is huge,” Rippe said.
The company also is the greatest utility user in Hastings across the board, he said.
“The next level of benefit is to your farmers,” he said.
The company plans to gather beans from a 100-mile radius of Aberdeen, using about 20 percent of the area crop.
“That’s a ready market paying a premium to farmers not have to haul their soybeans farther away,” Rippe said.
The Aberdeen soybean plant is expected to begin operating in fall 2019.
Information from: Aberdeen American News, http://www.aberdeennews.com