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Committee extends tax-abatement window for Verbio ethanol modernization amid federal guidance delays
Summary
Community Investment Committee voted unanimously to forward two reconfirming resolutions (Bills 2542 and 2543) that extend the designation period for tax abatements for Verbio North America's South Bend ethanol modernization project from 2026 to 2030, citing delays in DOE/IRS guidance for federal tax credits.
The Community Investment Committee unanimously recommended that the full council adopt two reconfirming resolutions (Bills 2542 and 2543) to extend the designation period for tax abatements granted in 2023 to Verbio North America’s South Bend ethanol modernization project.
Eric Glavich, director of Growth and Opportunity, told the committee the two bills "reconfirm personal property and real property tax abatement granted by the common council in 2023" and that the principal change is to "change the designation period from the 2026 to the 2030." He said the change is…
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