An effort to bring South Dakota investors on board to generate $1.5 million to $2 million toward the start-up of a pulse crop processing plant in Harrold will continue in 2013.
According to South Dakota Pulse Processors prospectus of Aug. 20, offering of class A units in the company was to close Dec. 31, 2012, unless the board of managers chose to extended the offering period to no later than May 1, 2013.
Onida-area producer Tom Young, president of the company’s board of managers, said the sign-up period will definitely be extended beyond Dec. 31.
“We are going to be accepting commitments into 2013,” Young said. “The past two months have been our best months. With the holidays coming on, we’re seeing it slow down.”
Young said supporters expect to see investor interest pick up again in the new year.
South Dakota Pulse Processors LLC., a limited liability company formed in January 2012, plans to open a 5,550-square-foot plant in Harrold to process pulse crops. Pulse crops such as lentils, field peas and chick peas, are well suited to central South Dakota, where some farmers already include them in crop rotations.
“We’ve got a lot of interest from people in growing the crops,” Young said. “My personal goal would be to be able to say to people by April that we are going to build.”
The company is offering up to 400 class A units to investors whose principal residence or principal place of business is in South Dakota. Investors need not be farmers or pulse growers to invest. The class A units are priced at $5,000 per unit with a minimum investment of three class A units for $15,000.
Ten percent of the purchase price is due up front, to be placed in escrow with BankWest in Pierre, with the rest due on call when the project proceeds.