Calumet Specialty Products a step closer to tax break for HQ move to Stutz

One of the state’s largest publicly traded companies is a step closer to receiving a tax break for its new headquarters.

Calumet Specialty Products Partners LP’s planned $10 million move from the west side of Indianapolis to The Stutz business center downtown at 1060 N. Capitol Ave. has received initial approval for a city tax break from the City-County Council’s Metropolitan and Economic Development Committee.

The 11-member committee unanimously approved a tax-abatement proposal Monday that would save Calumet about $129,440 over a four-year term. In return, Calumet has committed to retaining 190 jobs that pay an average of $46 per hour.

According to city documents, Calumet plans to spend $4.5 million on equipment for the space in The Stutz. As IBJ previously reported, Calumet signed a lease for 52,000 square feet across three buildings on The Stutz campus. The current headquarters is at 2780 Waterfront Parkway East Drive.

Kevin Dietel, income tax and insurance manager for Calumet, told the committee that it was important that the headquarters be in a location where employees would want to come to the office to work and that had plenty of hotels and restaurants nearby.

Calumet makes a variety of oil- and wax-based specialty products ranging from industrial lubricants and solvents to jet fuel. The company has more than a dozen facilities across the nation.

Calumet is the 13th-largest public company in the state and sixth-largest in central Indiana, based on IBJ research. It had $4.2 billion in revenue in 2023.

The proposal now moves to the full City-County Council for approval. The next meeting is 7 p.m. June 3 in the City-County Building’s Public Assembly Room.