In a recent government meeting, the Investment Committee reviewed a significant tax abatement proposal for Hoosier Tank Manufacturing, a company based in South Bend since 1991. The proposed bill, a continuation of a previous resolution, outlines Hoosier Tank's plans for a $4 million investment aimed at expanding its assembly line capacity. This expansion is expected to create 15 new jobs, contributing an additional $780,000 to the company's annual payroll, which currently stands at 112 employees.

The tax implications of the proposed abatement were discussed in detail. Hoosier Tank paid approximately $90,000 in taxes in the most recent tax year. The investment is projected to generate an estimated $320,000 in new taxes during the abatement period, of which about $227,000 would be abated, leaving $92,000 to be assessed. After the abatement period concludes, the company is expected to pay an additional $139,000 in new taxes over the following five years.

The committee opened the floor for public comments but received no responses from attendees, either in person or online. Following the discussion, the committee voted unanimously to forward the bill to the full council with a favorable recommendation.

In a separate session, the Zoning Organization Committee, chaired by Dr. Oliver Davis, convened to address bill number 3624, which seeks to amend the zoning ordinance for a property located at 5101 Nipps Parkway. Further details on this zoning amendment were not disclosed during the meeting. The next meeting of the Investment Committee is scheduled for 4:30 PM.