State Senator Frank Kloucek talks to the press Saturday at the Sioux Falls Holiday Inn City Centre regarding Ridgefield Farms and other failed ag value added projects that received stata loans.From state Sen. Frank Kloucek’s news conference yesterday, which I assisted him with.

• Read: Senator wants Ridgefield deal investigated (Argus Leader)

I’ll be posting additional information, such as documents and videos, as I finish getting them read scanned, etc. today.

News release:
Embargoed until 10 am Feb 10^th 2007

Senator Kloucek Pursues Ridgefield Investigation

Senator Frank Kloucek (D-Scotland) announced today that he and a Ridgefield investor met with Attorney General Larry Long on Feb 7^th and presented documentation to help convince Long to do a complete and thorough investigation into the Ridgefield Farms fiasco.

“Information and valuable contact information were presented to the attorney general that should convince him that there is a need for a full and transparent investigation of Ridgefield Farms.” said Sen. Kloucek

So far the state has written off on 7-11 06 $459,025 dollars to Ridgefield Farms of South Dakota. Also the South Dakota Corn Utilization Council has written off $100,000 to the same entity. Flandreau economic development board has outstanding loan balances to Ridgefield of $100,000 for operations and $750,000 for purchase of livestock, none of which has been paid back.

The South Dakota Corn Utilization Council also has written off $89,088.64 owed from Dairy Development LLC a part of SD. Ag Producer Ventures. The Corn Council has given money to groups such as AG United as well.

“I have requested an attorney general’s opinion on the use of Corn Utilization Council funds given to three entities: Ridgefield Farms, Ag Producer Ventures and Ag United,” Sen. Kloucek said.

The question is: Was SDCL 38-32-13 violated by the Corn Utilization Council by giving money to these entities?

There will be a meeting of concerned Ridgefield investors on Feb 24^th at 10 a.m. at the Beadle County Extension office in Huron to discuss the future of Ridgefield.

“Whether there were any irregularities or not in the whole Ridgefield project, the benchmark or standard must be raised. We must ensure that proper steps were taken in the past and will be taken in the future to protect our state tax dollars, corporations, cooperatives and private investors so that something of this magnitude can not happen again!” concluded Sen. Kloucek.

technorati tags:senator, kloucek, Ridgefield, REDI, south, dakota, agriculture, securities, governor, rounds

Blogged with Flock