The Iowa Economic Development Authority held a special meeting Sept. 5 and awarded Orascom Construction Industries $26 million more in tax credits to build its proposed fertilizer plant in Lee County, Iowa. Orascom’s Iowa Fertilizer Company seeks to build a $1.4 billion fertilizer plant.
The new tax credits were offered to keep the fertilizer plant in Iowa and away from Illinois, who had been competing also for the plant.
Debi Durham, the economic development director, told the Des Moines Register, that she will come back to the state board in the next two years to seek an additional $50 million in tax credits — $25 million annually.
“It’s the biggest incentives package ever offered, but it’s also the biggest capital investment” in the state’s history, Durham was reported to have said.
The company also received a $133 million property tax exemption from the Lee County Board of Supervisors over 20 years. In addition, a new site has been proposed and is not in a flood plain.