Drug maker Catalent is unlikely to create enough jobs in Bloomington to trigger the $43 million tax break the company obtained, the city’s economic development leader said.
Here’s what that means and how it could affect your personal finances.
What did Catalent plan to do in Bloomington?
Catalent, based in Somerset, New Jersey, said in April 2022 that it planned to invest $350 million in Bloomington and to create 1,000 new jobs “in the coming years.”
More:Catalent commits to investing $350M in its Bloomington facility, creating 1,000 new jobs
At the time, a company executive said, “These investments will enable us to expand our flagship Bloomington facility and extend our leadership as one of the largest and most comprehensive global centers for integrated manufacturing capabilities.”
What did Catalent request from the city of Bloomington?
Before it committed to the investments, Catalent asked the city council to reduce property taxes on the equipment by 90% over 20 years. Council member Stephen Volan said at the time that it was, by far, the largest tax abatement the council had ever considered, and the running time of the abatement was twice as long as normal.