County Council approves BioBond tax abatement for $2.8M investment

The Tippecanoe County Council convened on July 8, 2025, to discuss key financial updates and a significant property tax abatement aimed at fostering local business growth.

During the meeting, County Auditor Jennifer provided an overview of the county's financial status, revealing a beginning balance of nearly $8 million. However, she noted a concerning trend in revenue collections, particularly in financial institutions and commercial vehicle excise taxes, which have come in lower than anticipated. This decline may impact the county's budget moving forward, prompting discussions about potential revisions to financial forecasts.

Treasurer Yadira reported a robust account balance of over $196 million, with interest earnings showing promising growth. The general fund has already received a substantial portion of expected interest revenue, indicating a healthy financial position for the county as it moves into the second half of the year.

A pivotal moment in the meeting was the public hearing on a resolution for a property tax abatement for BioBond Adhesives. The company plans to invest over $2.8 million to expand its operations, which is expected to create at least 38 new full-time jobs. The council unanimously approved the resolution, highlighting the importance of supporting local businesses to stimulate economic growth and job creation in the community.

Overall, the meeting underscored the county's commitment to maintaining financial stability while actively seeking opportunities to enhance local economic development through strategic partnerships and incentives. As the council navigates these financial challenges, the focus remains on fostering a thriving community for all residents.