Economic development officials in southwest Indiana and the company behind a planned multi-billion-dollar nitrogen fertilizer plant near Mount Vernon still expect the project to move forward. The Courier & Press in Evansville reports a groundbreaking date for the massive undertaking has not yet been set and that the construction and procurement contract between Midwest Fertilizer Co. and krupp Industrial Solutions USA is being renegotiated.
The publication also reports Midwest Fertilizer’s proceeds from a $1.26 billion bond issuance are under examination by the Internal Revenue Service. The company said in a statement to the Courier & Press that it believes the results of the audit will not change the tax-exempt status of the bonds or of bonds that were refunded. The bond arrangement was an incentive provided by the state in 2013.
Despite these developments, company officials, Posey County Commissioner Jim Alsop, Posey County Economic Development Partnership Board President Andrew Wilson, and Economic Development Coalition of Southwest Indiana Chief Executive Officer Greg Wathen all say they have confidence the project will move forward.
The project is expected to take around four years to complete.