Delays at proposed Tuscola fertilizer plant put tax breaks at risk

Cronus Chemicals will start losing part of its nearly $40 million in state tax incentives if its proposed $1.9 billion ammonia fertilizer plant in Tuscola is not operating by July 2, according to tax credit agreements.

A review of company filings with the state of Illinois shows the project must be “in service” within 24 months of July 2, 2015. According to the documents, “in service” means “the state or condition of readiness and availability for specifically assigned functions.”

And if the plant is not complete and operating within five years of July 2, 2015, the company will lose out on all $40 million of its tax incentives from the Illinois Department of Commerce, said department spokeswoman Jacquelyn Reineke.

Central Illinois already seeing effects of climate change

“We’re actually at the warmest part for the historical record for Illinois,” said State Climatologist Jim Angel, speaking to a crowd of about 60 at the Champaign Public Library on Tuesday. “This is a different climate for what our parents, grandparents or great grandparents would’ve experienced in Illinois.”

Illinois could see effects of climate change as soon as 2020

July was the hottest month in recorded history. And continued increases in temperature and a shift in rain patterns could mean a 15 percent yield loss in the next five to 25 years and up to a 73 average yield loss by the end of the next century if farming patterns don’t change significantly, University of Illinois finance professors Don Fullerton and Julian Reif laid out in a report released from the Institute of Government and Public Affairs last year.