Lake Andes builds toward the future with school project
During the Fall of 2017, ground was broken and construction began on additions and renovations to Andes Central schools in Lake Andes, SD. The multi-million dollar project is being funded in part by Dakota Resources through the US Department of Agriculture (USDA) Community Facilities Re-lending program.
“Lake Andes has been working toward this for well over a decade,” explains Jay Headley, VP of Finance at Dakota Resources. “Their current schools were built in the 1950s and needed some serious overhauls. This will be a great community asset to Lake Andes and something that will benefit them for years to come.”
Dakota Resources is one of a handful of Community Development Fund Institutions (CDFIs) in the nation to be named a partner in the program, and received a $10 million award in 2016. The funds are designed to help spur economic development opportunities and reduce rural poverty in South Dakota communities under 20,000 by improving essential community facilities.
The school in Lake Andes is a great fit for the funding, and is the first project in South Dakota to benefit from Dakota Resources’ federal re-lending award.
The Lake Andes School District will complete the project utilizing funds from its own reserves, along with financing from Dakota Resources and the Rural Electric Economic Development (REED) Fund, another USDA Community Facilities Re-lender.
Plans for the completed project include adding 55,000 square feet of space to the high school, connecting the high school with the elementary school and renovating 24,000 square feet of space. New classrooms, restrooms, specialty rooms, administrative offices, a courtyard, two new gymnasiums and various other amenities are part of the building plans.
Currently, the project is scheduled for completion for the start of the 2018-19 school year.