Members of the Bedford Redevelopment Commission in Bedford, IN, have approved a ten-year tax abatement in order to attract additional investment from GM for its Bedford Casting Operations facility.
The Bedford Redevelopment Commission approved a 100 percent tax abatement for the site for ten-year period, with the final decision now in the hands of Bedford City Council for final approval. Local news outlet WBIW says the GM Bedford Casting Operations plant generated $1.7 million in property taxes in 2022. Roughly 15 percent of the savings GM gets from the tax abatement will go to the Bedford Redevelopment Commission for redevelopment efforts in the area, the publication also said.
A press release published by GM last December indicated the automaker was set to invest $51 million in the Bedford site “to support the manufacture of drive unit castings for the upcoming Chevrolet Silverado EV and other current casting applications,” with renovation work set to begin immediately. This tax abatement appears to be related to a separate investment of $47 million for further metal casting operations, with GM currently seeking out the ideal site for this facility. The WBIW report says the tax abatement is one of several factors in determining the location of the new building.
The GM Bedford castings plant was first opened in 1942 and currently employs rouhgly 900 hourly and salaried workers, who manage semi-permanent mold and die casting processes for engine cylinder heads, cylinder blocks, transmission cases, vehicle structural components, and drive unit housings, which are used in a variety of Chevrolet, Buick, GMC and Cadillac vehicles. Union workers there are represented by UAW Local 440 and IBEW Local 16.
GM has invested roughly $108 million in the Bedford site since 2010 for various upgrades. Various tax abatements have been granted to the automaker since then, including for equipment and tooling upgrades.