Hartford Area Development Foundation Secures a $600,000 REED Loan to Develop the North Oaks Industrial Park

Hartford, South Dakota, has a new industrial park at 12th Street and Western Avenue to support business development and community growth. The 42-acre development has multiple available lots that can be adjusted to meet the needs of companies that move there. This development was made possible in part by a $600,000 loan from the Rural Electric Economic Development, Inc. (REED) Fund, in partnership with the U.S. Economic Development Administration, the South Dakota Governor’s Office of Economic Development, the City of Hartford, and Sioux Valley Energy.

“The new North Oaks Industrial Park in Hartford is already making a big impact on the community, both economically and in terms of quality of life for residents,” says Amy M. Farr, Executive Director of the Hartford Area Development Foundation (HADF).

Learn more about this industrial park, how Hartford will benefit from it, and how REED made a difference in securing funding for its construction. 

The Industrial Park Brings in New Industries and Creates Jobs

Multiple companies have already expressed interest in the industrial park, with two that have already started to build their new facilities. Both Pro Framing and R&L Construction have moved their headquarters to the new park. The industrial park is expected to bring more than 30 new jobs to the area, which will have a significant impact on the local workforce.  

“That kind of job growth helps diversify the local economy and gives more people the opportunity to work close to home,” says Farr.

Along with new career opportunities, these shorter commutes can also increase residents' quality of life. They can spend less time driving and more time with their families or pursuing hobbies. 

The REED Fund Helped Cover Construction and Materials Costs 

The HADF in partnership with the City of Hartford secured two grants to assist with the new industrial park, as well as the REED Fund to assist with financing.  
“Working with the REED Fund has been an exceptional experience,” says Farr. “From Eric Fosheim to Angie Neises and their entire team, they are very knowledgeable in funding that helps bring projects over the finish line.”

The HADF overcame a few stumbling blocks in the construction process. Inclement weather pushed back deadlines and caused the project to run longer than anticipated. The HADF also had to create an HOA for the ponds on the development to support their long-term maintenance.

“I believe we are one of the first to do something like this,” says Farr.  

Hartford is supported by Sioux Valley Energy, an electric cooperative that serves the community and an active member of the REED Fund. Through Sioux Valley Energy’s REVIVE 2030 program (the cooperative’s economic and community development initiative), Farr learned about their loan options to continue the HADF’s economic development efforts in the region. 

“REED funding is an important piece of the community development puzzle for communities like Hartford,” says Tim McCarthy, General Manager and CEO of Sioux Valley Energy. “Sioux Valley Energy, through its REVIVE 2030 program, has partnered with communities throughout the region to help them identify needs, secure resources, create partnerships, and develop community plans. REED has been a cornerstone of that partnership.”

The Industrial Park Showcases the Potential of Hartford

Along with immediately attracting new businesses, the North Oaks Industrial Park also highlights the value of living in Hartford. This park is a big step toward attracting new industries and residents in the future.

“Hartford is an incredible place to live and do business because it offers a welcoming community atmosphere combined with real growth potential,” says Farr. “Residents enjoy safe neighborhoods, one of the best school districts, and expanding recreational opportunities, while businesses are supported through strong local leadership and convenient access to major interstates like I-29 and I-90.”

The North Oaks Industrial Park is just one development helping the City of Hartford plan for the future. The HADF is also working on local infrastructure improvements to attract additional investment in the coming years.

“With a strong sense of connection and momentum, Hartford is a place where people and businesses can truly Live Lively,” Farr adds. 

Explore Other REED Projects

REED invests in several types of projects to support economic development efforts across its member regions. In addition to industrial development projects like this one, REED has helped communities invest in healthcare, improve housing inventory, and support residents' quality of life.

If you are ready to invest in your community, take the first steps to apply for a REED loan. We can help you get the capital you need to grow your region.