25-42 Modifying and Reconfirming Resolution - Personal Property Tax Abatement for Verbio North America LLC at 3201 West Calvert Street

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CITY OF SOUTH BEND \ ,, • �,s ` COMMUNITY INVESTMENT October 22, 2025 Filed in Clerk's Office Council Member Troy Warner Chairperson, Community Investment Committee Oct 22, 2025 South Bend Common Council Bianca I It-ad„ South Bend City Hall, 3rd Floor Ctty Clerk. South Bend. IN South Bend, Indiana 46601 RE: Reconfirming Resolutions (2): Personal and Real Property Tax Abatements for Verbio North America LLC Dear Council Member Warner, Please find enclosed two resolutions that would reconfirm the personal property and real property tax abatements for Verbio North America LLC (the "Petitioner"). These tax abatements were granted by the Common Council in 2023 in support of the Petitioner's project to modernize the ethanol production facility at 3201 W. Calvert Street. The total private investment for this project will exceed $230 million. On June 12, 2023, the Common Council adopted Confirming Resolution 5025-23 to grant a five- year(5) personal property tax abatement and Confirming Resolution 5026-23 to grant an eight- year (8) real property tax abatement. For both of these tax abatements, the designation periods will expire on December 31, 2026. On October 14, 2025, the Department of Community Investment received the attached formal request from the Petitioner to extend the designation periods. The project has been delayed for reasons outside of the control of the Petitioner: the project require federal approvals, and those approvals are delayed due to the federal agencies' failures to issue guidance in a timely manner. The Petitioner anticipates receiving the necessary approvals in 2027 or 2028. The designation periods must be extended in order for the project to receive the benefits of tax abatement as the Common Council intended when it passed the respective Confirming Resolutions on June 12, 2023. Adoption by the Common Council of these new reconfirming resolutions would extend the designation periods and help ensure the success of the project. A representative from Verbio North America LLC will be available to meet with the Committee on October 27, 2025. If you or any of the other Council members have questions or need additional information, please feel free to call me at (574) 235-5838. Sincerely, Erik Glavich Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT South Bend City Hall,Suite 500 215 S.Martin Luther King Jr Blvd. South Bend.IN 46601 p 574 235 9371 www.southbendin gov