SF Motors Requesting Tax Incentives

Posted: Updated:
(Image courtesy of SF Motors.) (Image courtesy of SF Motors.)
MISHAWAKA -

A California electric vehicle manufacturer is seeking tax abatement on part of its major investment plans in Mishawaka. The South Bend Tribune reports SF Motors is requesting incentives from the St. Joseph County Council that could total close to $900,000. The seven-year abatement, which would apply to an initial $20 million equipment investment on the former AM General commercial assembly plant, would go into effect next year.

In all, the China-based Chongqing Sokon Industry Group-subsidiary is planning to invest more than $160 million into the St. Joseph County operation and employ 470 by 2020. Trial production, it has said, could begin in late-2019.

The publication reports the company would have to meet milestones to continue receiving the abatement, including: employ 100 and invest $20 million in equipment by year's end, complete equipment installation by March 31, maintain a workforce of at least 100 from 2019-2021.

According to the South Bend Tribune, County Economic Development Director Bill Schalliol said the companies equipment investment could -- over time -- more than double the total requested in the initial tax abatement. The request will ultimately still need approval from the full County Council.

  • Perspectives

    • Market Caps: What's in Your Portfolio?

      Investors understand the importance of having a proper balance of large-, mid-, and small-cap companies in their stock portfolios. Unfortunately, there are no strict rules followed by index funds when categorizing by company size. When you "check under the hood" of your portfolio, you may discover you’re taking more (or less) risk than you intended! What Is Market Cap? Market capitalization, or market cap, is a term used to represent the size of a company.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Image of planed West Lake Corridor Expansion of the South Shore commuter rail line provided by the Northwest Indiana Regional Development Authority.)

      South Shore Extension Moves Closer to Federal Funding

      The South Shore Line West Lake Corridor is a step closer to up to $440 million in federal funding, thanks to a positive project rating from the Federal Transit Administration. The "medium-high" rating means the project, which involves the extension of the South Shore Line between Dyer and Hammond, is eligible for funding to cover a large portion of the more than $700 million project. The rating came from the FTA's Fiscal Year 2020 Annual Report on Funding Recommendations...

    • Fishers Among Finalists For National Prize

      The city of Fishers is one of 12 finalists for the Robert Wood Johnson Foundation Culture of Health Prize. The award honors "communities that are bringing partners together around a shared commitment to health, opportunity, and equity."

    • (photo courtesy of our partners at The Times of Northwest Indiana)

      Indiana Leads U.S. Steel Production

      Indiana once again led the nation in steel production in 2018. Jake Murphy with the American Iron and Steel Institute tells our partners at The Times of Northwest Indiana steel mills throughout the state made 26.7 million net tons of steel last year, up from 24.1 million in 2017. 

    • More Families Earn Hoosier Homestead Awards

      More than 50 families from throughout the state have been recognized for operating longstanding farms. Lieutenant Governor Suzanne Crouch and State Department of Agriculture Director Bruce Kettler have presented the latest Hoosier Homestead Awards, recognizing farms owned by the same family for more than 100 consecutive years.

    • Hanna believes crews could begin "turning dirt" in 2020.

      Hanna: South Shore Project Hits 'Major, Major Milestone'

      The president of the Northwest Indiana Regional Development Authority says the South Shore Line West Lake Corridor project will create a crucial "Hoosier gateway in Chicago." The more than $700 million project has received a positive project rating from the Federal Transit Administration, putting it a step closer to up to $440 million in federal funding. Bill Hanna says the rail extension will help Hoosier workers connect to jobs in Chicago that often pay more...