Additional Money for Fertilizer Plant
The Iowa Economic Development Authority has agreed to increase its financial incentive package for Iowa Fertilizer Company.
The subsidiary of Orascom Construction Industries is building a more than $1.5-billion fertilizer plant along Highway 61, just south of Wever.
The latest incentive is a $25-million increase in tax credits. It's part of a previous agreement that allowed the company to seek $25-million per year for two years.
The latest contribution is on top of the millions of dollars in tax credits already pledged by the state to insure the plant is built in Iowa.
Supporters say the jobs are desperately needed in a part of the state where unemployment remains high while opponents question whether the state should be giving away so much.
Construction is already underway at the site.