SBEDF Announces St. Bernard Parish School Board’s Approval of Chalmette Refining ITEP Application
CHALMETTE, LA – The St. Bernard Economic Development Foundation (SBEDF) is proud to announce that St. Bernard Parish’s School Board has officially approved Chalmette Refining’s Industrial Tax Exemption Program (ITEP) application at the local level. The ITEP, a state incentive aimed at attracting investment in manufacturing, provides an 80% property tax abatement for an initial term of five years and the option to renew for five additional years at 80% property tax abatement on a manufacturer’s qualifying capital investment related to the manufacturing process in Louisiana. With Sheriff James Pohlmann and Parish Council approving the exemption earlier this month, this is the first ITEP to receive local approval in St. Bernard Parish.
The proposed $550 million investment, to be made to PBF Energy’s existing Chalmette Refining facility, will serve as a top producer of biofuels and renewable diesel. The project involves retrofitting a refinery unit that has been idled since 2010, constructing a new pre-treatment unit, and making additions to docking, loading, offloading and tankage capabilities. The ITEP serves a crucial role in attracting investment funds to the St. Bernard project; there is hope that construction of the improvements to the facility could begin as early as this year, with plans to be fully operational by the end of 2022 or first quarter of 2023.
PBF Energy's Chalmette Refinery Manager Steve Krynski sees the exemption as an immense opportunity for the parish’s community: “The Renewable Diesel Unit would put St. Bernard Parish at the forefront of the green energy transition – bringing new full-time jobs to the refinery, new opportunities for local businesses, and new tax revenue to the parish. The overwhelming excitement for this project from residents and officials from across St. Bernard Parish underscores just how woven Chalmette Refining is into the fabric of our local community – and why this is the ideal location for such an exciting ‘green’ investment.” The project will directly add 20 new, permanent jobs in St. Bernard with an estimated payroll of $1.4 million, and at least 92 indirect jobs and 600 jobs expected for construction. PBF Energy’s Chalmette Refinery, built in 1915, is the largest private business taxpayer and employer in the parish and employs more than 500 people currently.
SBEDF Executive Director Meaghan McCormack doubled-down on the opportunity this investment can bring to the parish, thanking the school board for seeing a pathway to progress and prosperity: “Their vote of approval is an important indicator that St. Bernard Parish is open for business and welcomes new investments, along with the jobs and new revenue streams that accompany them. It’s critical for the future of our local businesses and workforce that we make investments today that will help to ensure a brighter tomorrow.”
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About St. Bernard Economic Development Foundation
St. Bernard Economic Development Foundation (SBEDF) is the official economic development organization and public-private partnership of St. Bernard Parish formed to create and retain jobs, build prosperity, and improve quality of life. To learn more about SBEDF and how the organization works to foster business attraction, retention and expansion, neighborhood revitalization, small business assistance, and talent and workforce development in St. Bernard Parish, visit sbedf.org.
About PBF Energy
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating oil refineries and related logistics facilities through its subsidiaries. The company’s mission is to operate its facilities safely, reliably and environmentally responsibly; provide employees with a safe and rewarding workplace; be a positive influence in the communities where it does business; and provide superior return to investors. For more information, visit pbfenergy.com.
About Chalmette Refining
The Chalmette Refinery was constructed in 1915 and became a part of the PBF Energy family in 2015. The refinery is the No. 1 private employer, No. 1 taxpayer and largest revenue-generating asset in St. Bernard Parish. With more than 500 employees, the refinery is committed to hiring and training residents, demonstrating the company’s dedication to its host community. PBF is committed to continuing investing in its employees, the facility and local residents, and has funded more than $355.5 million worth of projects at the facility since acquiring the facility. For more information, visit chalmetterefining.com.