The Iowa Fertilizer Company’s plant in Wever, Iowa will be one of the top fertilizer plants in the world. According to Dave Pearson, a director for Orascom Construction Inc., the plant will have the ability of producing 7 million tons of nitrogen-based fertilizer.
The Lee County Economic Development Group and Iowa Economic Development Authority led the effort to land the fertilizer plant in Lee County with about $200 million in tax incentives and other breaks.
The company will receive tax credits worth more than $100 million and a $1.6 million loan from the state.
About $5 million has been promised by the state for road improvements around the plant.
Iowa Fertilizer Company will not have to pay Lee County property taxes for 20 years and has access to $1.2 billion from a bond program created by Congress in 2008 to help the Midwest recover from floods and tornadoes, saving $300 million in interest payments.
The project totals an estimated $1.8 billion.