Midwest Fertilizer is an International consortium that is proud to be part of America. With that comes the responsibility on our part to ensure that all stakeholders realize a full return on the faith they place in us.
Our planned facility in Posey County, Indiana will fulfill that responsibility. It is a US $ 2.1 billion investment in a world-scale, state-of-the-art nitrogen fertilizer facility that will enhance the local tax base and expand economic opportunity. It will create more than 2,500 construction jobs and more than 200 employment opportunities with an average annual salary of $58,000. Thousands of farmers will benefit from a homegrown supply of fertilizer, eliminating the long lead times that result from overseas imports.
Those are just the immediate benefits. This facility will also benefit the many locally-owned and operated businesses that will trade with MFC. That means even more jobs, growth, development, and investment within Posey County and its surrounding areas. It means new consumers, lower unemployment, higher real estate values, and a stronger tax base. It's called "in-sourcing." Our initiative springs directly from U.S. efforts to attract industrial investment and grow manufacturing. Not a single nitrogenous fertilizer plant has been built in the U.S. since the 1980s. That trend must be reversed.
MFC's Posey County facility represents one critical step toward rebuilding U.S. manufacturing and demonstrating to the world that the U.S. and the State of Indiana support global business investment here at home. The project's financing depends on tax-exempt bonds, issued by the Posey County, Indiana under the Heartland Disaster Tax Relief Act of 2008. These bonds are immensely important to the people of Indiana. The strong support of Indiana's new administration will be a compelling statement about commercial investment as an option for local communities throughout America. As the project moves forward, we will continue to meet with local leaders to ensure that the partnership between MFC, Posey County, and the state of Indiana provides real benefits to the entire community. Cooperation and community engagement are essential to our shared success. It's how MFC does business. It's what MFC believes in