The Iowa Natural Resource Commission has approved leasing a 575 foot stretch along the Mississippi River to the fertilizer plant in Lee County for just over $1400 a year.
Radio Iowa’s O Kay Henderson reports that managers of the KochFertilizer Plant in southeast Iowa have told state officials they plan to load and unload barges in that part of the river. Two years ago, Koch Industries paid $3.6 billion to buy the Iowa Fertilizer Plant near Wever.
A member of the Iowa Natural Resource Commission says he appreciates Koch’s investments in Iowa, but the panel is concerned that the fee to lease that land along the Mississippi is well under the fair market value of the property.
After extended discussion of the state law used to calculate the fee, five of seven commissioners approved the lease Thursday, but several called for the law to be updated so the fees for similar leases in the future will be higher.
Koch representatives who attended Thursday’s commission meeting said their company didn’t set the fee and the company’s application to lease the land had followed state law.
