REDI Fund History
The Revolving Economic Development and Initiative (REDI) Fund
is a corner staple of the GOED’s financing programs. Created in 1987 under the Mickelson administration, the REDI Fund aimed to diversify South Dakota’s economy, increase capital investment, and create long-lasting, quality, stable jobs for South Dakotans.
To raise funds for the venture, a 1-cent sales tax was passed by the State Legislature in 1987. In effect for 10 months, the tax hike created a $40 million pool of money known as the (REDI) Fund.
The $40 million was expected to create just under 13,000 jobs, but the program exceeded all expectations. As of December 31, 2011, the fund stands at $92,343,837 and has created 30,210 direct jobs.