Why is Union County an attractive location to potentially site the Hyperion Energy Center?
Union County has a unique combination of characteristics that make it ideal for the nation’s first environmentally friendly, state-of-the-art energy center. Geographically, it is in the Canadian crude oil “corridor”, close to good rail and highway transport, in the vicinity to many major markets and an abundant source of water.
South Dakota offers an excellent business climate that balances the needs of residents, employers and taxpayers. Most importantly, the people of South Dakota have the spirit and values that lend themselves to a visionary project that attempts to accomplish something that’s never been done.
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If chosen, what impacts will the Union County site have on our local economy, schools, housing etc.?
Hyperion is committed to being a productive corporate citizen, contributing to - not detracting from - Union County's attractiveness as a place to live, work and enjoy. This requires that we examine closely the Energy Center's impacts at all levels, including economic, commercial, cultural, social and environmental impacts. We commissioned a former South Dakota University professor to conduct an examination of the social and economic impacts the project will have.
In addition, we will meet with community leaders, local government officials, and educators to gain their perspective and insights on how the project can provide the most benefit with the least amount of disruption. Most importantly, the approval process requires multiple public meetings to present our project – and more importantly – talk with area residents and listen to their concerns and ideas.
Stuefen Research, LLC estimated the economic impact of the refinery and utility plant, looking at both the annual impact of the ongoing operations as well as the one time impact generated by the facility’s construction. The table below summarizes the employment, wages and tax revenues that will be associated with the construction and operation of the Hyperion Energy Center.
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Operations
(Annually)
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Employment (Annual FTE Jobs)
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4,500 (average)
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1,826
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South Dakota Economic Impact (Direct, Indirect, and Induced)
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$4,800,000,000
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$13,700,000,000
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Value Added (New Wealth in Local Economy)
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$2,400,000,000
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$1,200,000,000
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Tax Revenue – By Level of Government
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State of South Dakota
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$68,000,000
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$70,800,000
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Union County
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(see note)
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$8,400,000
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School District
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(see note)
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$20,400,000
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Tax Revenue – By Type of Tax
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Sales Tax (Direct and Indirect)
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$50,000,000
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$66,200,000
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Contractor’s Excise Tax (Direct only)
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$18,000,000
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n/a
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Property Tax (County and School)
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(see note)
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$28,800,000
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Fees, Licenses, & Other
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(see note)
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$4,600,000
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Note: The county assessor’s valuation of the property will occur in increments over the five year construction period. Property taxes will be paid as the project progresses with the full valuation coming upon the project’s completion. Similarly, fees, licenses, & other will vary during the construction period.
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