Sioux Falls takes step toward allocating $10M for cybersecurity lab
The Sioux Falls City Council took the first steps Tuesday night toward appropriating $10 million for the construction of a Dakota State University cybersecurity lab in Sioux Falls that Mayor Paul TenHaken said could be "the next Citibank."
The ordinance passed a first reading 6-0, with councilors expressing excitement about the plan and what it could mean for both the city and South Dakota.
DSU President José-Marie Griffiths, South Dakota Board of Regents member Tony Venhuizen and Premier Bankcard CEO and DSU graduate Miles Beacom spoke to the council about the project both at an informational meeting and the council meeting on Tuesday.
Griffiths said the 100,000-square-foot facility could provide 400-500 jobs paying six figures, with Beacom saying the program and what could follow it could make Sioux Falls known for cybersecurity in the same way it's known for healthcare and finance.
Director of Finance Shawn Pritchett called it a "once-in-a-lifetime opportunity" as he discussed the city's ability to part with $10 million from the general fund, which he attributed to several factors including strong sales tax collections as well as a relatively light season of snowfall.
While that's no small amount of money, the state is planning $30 million contribution — currently awaiting Gov. Noem's signature after a brief holdup in the legislature — along with $50 million over five years that will be donated by T. Denny Sanford.
A final vote on the funds will take place at the March 15 council meeting, and an agreement between the city and the Board of Regents would need to be drawn up and approved by the council at a later date.
Gloss