Ethanol plant promises $230 million investment for tax breaks

 

The South Bend Common Council moves forward on tax breaks worth millions to draw a $230 million investment.

German biofuel company Verbio bought South Bend Ethanol, LLC and it's facilities on Calvert Street this month with plans to modernize and expand facilities. Despite some neighbors speaking out against the plant during the council's Monday meeting, the council approved a pair of tax abatements cumulatively worth upwards of $16.5 million.

Verbio says the abatements will help it invest $230 million into new equipment, software, and construct ten additional buildings at the production facility over the next three years.

Along with the investment, the company says 61 employees will be retained while it adds eight engineering positions.

There will be another vote on the tax abatements at the council's May 22 meeting.