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Filed in Clerk's Office <br /> d OCT 1 7 2018 <br /> �+�\�HAICE''� fWf'9 i�L^��Ai 1 FC�/xYt.f"�'1 <br /> ; '.5 CITY CI-REE ,�7u' ,r iv�J Irr� t <br /> .=, = e�- .. .._..-._._..I <br /> CITY OF SOUTH BEND <br /> COMMUNITY INVESTMENT <br /> JAMES MUELLER, EXECUTIVE DIRECTOR <br /> October 17,2018 <br /> Council Member Gavin Ferlic,Chairperson <br /> Community Investment Committee <br /> South Bend Common Council <br /> 4th Floor,County City Building <br /> South Bend,IN 46601 <br /> RE: Personal Property Tax Abatement Petition for: South Bend Ethanol,LLC <br /> Dear Council Member Ferlic: I <br /> Please find the attached information pertaining to a personal property tax abatement petition submitted by 1 <br /> South Bend Ethanol,LLC to purchase a new equipment for their ethanol facility located at 3201 W.Calvert <br /> Street, South Bend, IN 46613. South Bend Ethanol plant started production in 1984. After going through <br /> several owners and some turbulent economic times, Mercuria Investments US, Inc. purchased the <br /> ownership interest in the plant from Noble Americas Corporation in December 2017 through a distressed <br /> sale at a bargain purchase price. Immediately after closing on the acquisition, Mercuria announced that it <br /> was committed to complete the reconstruction South Bend Ethanol plant allowing the manufacturing <br /> capacity to increase from 65 million gallons per year to 100 million gallons per year.This petition package <br /> includes: <br /> > Department of Community Investment's summary report <br /> ➢ Petition <br /> D Statement of Benefits form <br /> > Supporting information <br /> The report contains the Department's findings relative to the above petition. The petitioner proposes to <br /> purchase new equipment with estimated cost of$29,700,000. The project meets the qualifications for a(5) <br /> five-year personal property tax abatement. A representative from South Bend Ethanol, LLC will be <br /> available to meet with the Committee on Monday,October 22,2018. <br /> Should you or any of the other Council members have any questions concerning the report, or need <br /> additional information,please feel free to call me at 235-5838. <br /> Sincerely, <br /> C6e— <br /> An elina Billo <br /> Business Development Manager <br /> DANIELJ.BUCKENMEYER ALKEYNA ALDRIDGE PAMELA MEYER TLMCORCORAN <br /> BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMUNITY RESOURCES <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 14005 County-City Building 1227 W.Jefferson Blvd.I South Bend,Indiana 46601 I p 574.235.9371 I www.southbendin.gov <br />