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SEPA refunds money to DSA

The Spiritwood Energy Park Association will refund $445,000 to its tenant in the industrial park after a billing error and a problem with calculating depreciation.

The Spiritwood Energy Park Association will refund $445,000 to its tenant in the industrial park  after a billing error and a problem with calculating depreciation.

The SEPA Board of Directors approved the payment to Dakota Spirit AgEnergy during a quarterly meeting Thursday. Linda Mohn, audit manager for Schauer & Associates, said the overpayment by Dakota Spirit AgEnergy came from an error in billing $199,000 and a depreciation expense that was not recognized.

The Jamestown/Stutsman Development Corp. and Great River Energy own SEPA as a partnership. The JSDC Finance Committee will seek an outside firm to handle accounting services for SEPA in the future.

Mohn said SEPA has assets of $17.6 million and liabilities of $12 million. The bulk of the assets and liabilities are in the rail loop at Spiritwood used by Dakota Spirit AgEnergy. The industrial park has capacity to add other manufacturing businesses in the future. The audit report said SEPA currently has a balance of about $1 million in cash or cash equivalents.

In other business, the SEPA Board reviewed the land designated for the Minnesota Soybean Processors crushing plant.

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Connie Ova, CEO of the JSDC, said groundbreaking for the soybean crushing plant is not planned until August or September, but the company was requesting the land not be farmed this year.

SEPA expects to receive a letter of intent from Minnesota Soybean Processors by the end of April confirming its intentions to lease land from SEPA directly south of the Dakota Spirit AgEnergy ethanol plant.

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