Iowa boosts tax breaks for fertilizer plant
DES MOINES (AP) — Iowa landed a much sought-after $1.4 billion fertilizer plant Wednesday by offering the state’s largest single incentive package, worth $110 million.
Gov. Terry Branstad and Orascom Construction Industries CEO Nassef Sawiris announced that the company chose Iowa over Illinois. Though Illinois offered a financially superior package, Siwiris said, he was concerned the financially strapped state wouldn’t be able to follow through with its promises.
Iowa officials have been working hard to keep Orascom from building the factory across the Mississippi River. In the end, it will cost Iowa more than $110 million in tax breaks, loans, job training funds, and transportation improvements.
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