By BOB SHRALUKA
WZBD.com
One of Decatur’s greatest business success stories had its tax abatements renewed by city council at its latest meeting.
Keith Gerber, owner-operator of Hoosier Pattern Inc., was on hand for the meeting as council looked over his CF-1 form.
A CF-1 form, or Compliance with Statement of Benefits, is an Indiana tax form used by companies to annually report their progress in meeting investment and job creation goals to maintain tax abatements.
It compares actual project results against the estimates provided in the original SB-1 form and must be filed between January 1 and May 15.
There was no problem in council giving Hoosier Pattern’s abatements renewed approval – with a pat or two on the back.
Since the 10th St. company requested the abatements – for real property investment and personal property investment– its number of employees has grown from 45 to 78!
Also from the first granting of abatements, Hoosier Pattern’s annual payroll has increased from $2 million to $3.7 million.
“We are blessed to be in Decatur and things (business) are real strong for us,” Gerber told council.
Hoosier Pattern has become widely known for its 3D sand printing and foundry tooling.
Sand printing, Gerber told council last year, “is 60% to 70% of my business.”
The company started in 1997 with three owner-employees.
Tax abatements are awarded on a sliding scale.
With a 10-year abatement, no taxes are paid the first year, then the sliding scale kicks in: a 90% tax savings the second year, then 80% and so on through 10 years.
For a five-year abatement, the increments are 20% each year.
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