Lee County tax incentives for Mesabi Metallics plant approved by supervisors

Lee County supervisors and Mesabi Metallics have agreed to terms for local tax incentives and community benefits related to the planned $15 billion steel plant. The signed tax incentive term sheet and the approved county resolution in support of the project “advances state incentives” and moves the project “closer to fruition” according to a news release from Mesabi Metallics. During a special session in October, Iowa lawmakers approved up to $1.4 billion in tax incentives for the company to be distributed through the Iowa Economic Development Authority. Lee County’s incentives are tied to the company’s compliance with IEDA requirements. According to the news release from Mesabi, the tax incentive term sheet it signed with Lee County would require the company to pay Lee County $50 million over 20 years in lieu of additional property taxes, and guarantee new assessed property value of at least $112 million before the company receives any tax rebate.

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