POSEY CO., Ind. (WFIE) - We’re following new information on plans to transform empty county fields into a likely multi-billion dollar fertilizer facility, which could bring thousands of jobs to the region.
On Wednesday, the interim President of Midwest Fertilizer Company spoke to economic leaders about his vision.
We know the company is planning to hire more than 150 workers. But, beyond that, the fertilizer facility will also help the local economy blossom.
That is because of the thousands of construction jobs needed to build the plant.
The company recently wrapped up an IRS audit of its tax-exempt bonds.
“Our bonds have been confirmed by the IRS as tax-exempt, so that’s the biggest relief is that we’re able to use those bonds as project financing,” Interim President and CEO Les Wright explained.
Midwest Fertilizer Company started working on plans to bring the plant to Mount Vernon more than five years ago. Wright was the keynote speaker during Posey County’s Economic Development Coalition annual dinner Wednesday.
“It’ll create a source of taxes,” says Wright. “It’ll create other economies related to servicing our plant as well. So, overall, it’ll have a very beneficial impact on the county.”
Right now, Wright tells us negotiations are underway with construction contracts and contracts for other work. Once those are secured they will be able to reach financial close.
“Once we reach financial close, we’ll be able to issue tax-exempt Posey County bonds as project financing so we can fund the construction of the plant and start construction,” Wright says.
Early estimates show this job will require more than a thousand construction workers. The company plans to hire roughly 150 to 180 full-time employees, including high-tech operating positions.
“Most significant skills positions will be the operators of the plant so the nitrogen plants," explains Wright. "We intend to work with entities like Ivy Tech to make sure there is a supply of them and we create as much opportunity for employment locally as possibly including Veterans.”
Economic development leaders previously told us the company plans to buy supplies throughout southwest Indiana and employee people living there as well as possibly Illinois and Kentucky, too.