Groundbreaking held for one of Iowa's largest investments
Tue, 20 Nov 2012 15:30:03 GMT —
The Iowa Fertilizer Company is a one point four billion dollar project, which is considered to be one of the biggest the state has ever seen.
Steve Bisenius is the executive director of the
Lee County Economic Development Group
, which is the group that helped organize this project.
"Almost a year to the day since we visited this the first time. So it's been great. A lot of due diligence and a lot of checking back and forth so it's been pretty exciting to bring into fruition. It just clicked into place as recently as last Friday when the Iowa finance authority approved the bond for it. So it's great. It's coming together quite fast," Bisenius said.
He says the funding for the project came from a federal disaster relief bond received after the flood in 2008. "It's just like industrial revenue bonds. It's just a decreased cost for an interest rate. So that is one of the nice things about it."
The company is a subsidiary of Orascom Construction Industries.
Iowa Governor Terry Branstad said there were initial concerns about the project, but wanted to stress that this is a safe operation. "So we certainly want to do everything we can to help our existing industries. We think there is a synergy with our existing industries we will continue to expand to benefit as well, so we will keep going. Whatever we can do to make a difference."
According to Bisenius, the project will give twenty five hundred temporary jobs during the construction, and one hundred and sixty-five permanent positions for plant employees.
"I think it's a great project and it will help get people to work and help a lot of local businesses. It will help Iowa as a whole. It will help the farming industry by lowering the cost of supply fertilizers and everything," Jason Huffman who works at a local family business said.
According to Bisenius, they chose the city Wever in Lee County due to it's elevation and location.
The facility is expected to be up and running by two thousand fifteen.