The POET Bioprocessing facility in Shelbyville is in consideration for a $203 million expansion project.
Jason Lucas, General Manager of the local POET facility, appeared before the Shelbyville Common Council Monday at City Hall seeking tax abatement approval that will serve as the final piece in the application package that will be reviewed and voted on either later this month or in early January by the POET Board of Directors.
The goal is to start expansion construction in March of 2026 and have the project running in the fourth quarter of 2027.
Peters’ presentation to the council included:
- Utilization of 250 temporary skilled-labor jobs during construction
- Increasing bioethanol production locally to 95 million gallons; dried distilled grains to 212,000 tons, and corn oil to 33,000 pounds
- Expansion would create 20 new full-time employees and $1 million in added salary
- Produce an estimated 17 cents per bushel uplift to local farmers that sell to POET
“We are incredibly excited about this opportunity,” said Lucas. “POET has talked about expanding for the last two or three years. I have made a concerted effort to make the Shelbyville location one of the most profitable and efficient ones so I can put us at the top of the list. I want to double the plant. I take great pride in that.”
The 10-year tax abatement approved by the council is 80% for the first five years on Real Estate Redevelopment/Rehabilitation as well as Equipment. The abatement would then be 50% for the remaining five years.
“This is a big thing not only for the city of Shelbyville but also our county. We are an agricultural county. This gives about a 17-cent boost to the farmers on each bushel,” said Brian Asher, Executive Director of Shelby County Development Corporation.
POET’s original 10-year tax abatement expires in 2030. The new abatement schedule would begin in 2028.
POET paid $134,000 in taxes in 2025. That figure rises to $479,000 in 2026, $746,000 in 2027, $960,000 in 2028, and $1,410,000 in 2029.
By 2034, POET would be estimated to owe $3,853,000 in taxes if the facility expands. The two tax abatements combined would net the city a total of $17,413,000 during their spans.
“There are a lot of people on social media that say tax abatements are bad. This is exactly why we do tax abatements,” said Asher. “This is the exact way partnerships work here. This will be a huge impact to our community with some of the changes coming on with the state government, this will be a big help to us here in Shelbyville.”
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