City officials move forward in granting tax breaks to new ethanol plant owners

By cassini83 (Own work) [Public domain], via Wikimedia Commons

City officials have moved forward in granting large tax breaks to Verbio, the new owner of the ethanol plant in South Bend.

The South Bend Common Council passed resolutions that would support around $16.5 million in property taxes being waived for Verbio over the next eight years.

Verbio’s plans are to retain 61 jobs and create eight new positions while planning to produce ethanol and renewable gas.

The company would still pay around $6.3 million in taxes over the eight-year abatement period, but that over 70% of the taxes would be waived.

The South Bend Tribune reports that a final vote on the tax abatements will be taken during the council’s May 22 meeting, but that council members voted unanimously in favor of the plan on Monday.


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