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Posey Co. fertilizer plant moving forward with no opposition from state

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With no opposition from the state, Posey County is moving forward with the development of the Midwest Fertilizer plant.

The Midwest Fertilizer plant was the big topic in Posey County on Wednesday. Nearly all the comments shared in a public hearing were all positive.

The county council approved the reissuing of $1.3 billion in bond money to the county's Economic Development Commission. 

Wednesday's decision allows them to circulate the bonds to potential buyers. This will be a quick process, mostly because it has to be. The funding needs to be secured by July 1 in order to move forward, so they'll hit the ground running.

"When they initially offered the bonds for purchase, it was oversubscribed. That meant there were more people wanting to buy the bonds than you had allocation. So, our feeling is that obviously, it all depends on the time that you sell the bonds, what's happening within the marketplace, and such. We have every bit of confidence that we'll be able to complete the task by the end of the month," says Greg Wathen, the CEO of the Economic Development Coalition of Southwest Indiana.

Officials say the plant will be a huge economic shot in the arm for the area and that comes with no commitment from Posey County taxpayers.

Tom Campbell, Midwest Fertilizer's representative, says there should also be no concerns over safety. He explains the plant will be state of the art, equipped with its own fire department and fire crew, something much different than the facility in West, Texas.

"Any comparison to the Texas facility would be completely inappropriate. We'll have more people on staff dealing with safety than were in that entire facility. That facility was something that was built up over a period of 50 years. This is a brand new facility designed to the highest industrial and safety standards," Campbell says. 

Now, the county's Economic Development Commission will start circulating the bonds to potential buyers. That process must be complete by the end of this month.

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