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News story publihsed on 11/21/2006
Latest campaign to spur growth exceeds goal
By Megan Myers
Published on ArgusLeader.com
SIOUX FALLS, SD -- A venture to foster business growth in Sioux Falls wrapped up its fifth fundraising campaign Monday by raising almost $2 million more than its goal.
Forward Sioux Falls V, which will run from this year to 2011, raised $10.3 million that will pay for a variety of local economic development programs. The initial goal of the campaign, launched in May, was $8.5 million.
“It was a big undertaking,” said Kelly Krabbenhoft, fundraising co-chairman of Forward Sioux Falls V and chief executive officer of Sioux Valley Health System.
More than 300 investors, including local businesses, organizations and individuals, pledged money to the campaign. More than half was raised by eight companies and institutions, Krabbenhoft, said. They include Sioux Valley, Sioux Falls Regional Airport, the city of Sioux Falls, Minnehaha County, Lincoln County, Avera Health, First Premier Bank/Premier Bankcard, Wells Fargo, Xcel Energy and Citigroup.
“We hit our goal 30 days ago,” Krabbenhoft said.
The economic development program is a joint partnership of the Sioux Falls Area Chamber of Commerce and the Sioux Falls Development Foundation.
Started in 1987 with an objective of raising $1.9 million, Forward Sioux Falls has been relaunched every five years. A joint board of directors plans program initiatives and how the money raised should be spent. Corporations and organizations pledge their investments in the program, most with five-year commitments.
The first four campaigns raised slightly less than $15 million.
The program is credited with helping create 10,300 jobs in Sioux Falls from 1987 to 2004, or 19 percent of all jobs created, according to research conducted by former University of South Dakota economist Ralph Brown.
Much of the Forward Sioux Falls V campaign will be targeted at recruiting young adults and keeping them in the area.
A marketing campaign dubbed “Opportunity City” is aimed at people ages 17 to 30 who live within 100 miles of Sioux Falls.
“It’s creating Sioux Falls as a place where opportunities exist,” said campaign co-chairman Dana Dykhouse, president and chief executive of First Premier Bank.
Almost $2 million of the current campaign is designated for work-force development.
Forward Sioux Falls V also will concentrate on bolstering the area’s technology sector by building onto the success of the South Dakota Technology Business Center launched as a result of the last campaign. Creating more technology-based jobs and luring young talent here is key, Dykhouse said.
The campaign also will create an advisory council of investors that will help recalculate the allocation of money raised.
Reprinted with permission. Copyright ©2006 ArgusLeader.com.
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