IBJ first reported in April on local government plans to throw Steak n Shake a life raft of incentives that also include a $200,000 state training grant to help the struggling chain keep its headquarters in Indianapolis.
The incentives, though modest, are unusual given that the company does not plan to expand or add employees. Its new equipment involves financial systems and store point-of-sale technology.
Steak n Shake agreed to the deal earlier this year after months of negotiation, but the incentive offerings still must win final government approval.
"This is an opportunity to help them succeed," Nick Weber, the city's economic development director and a deputy mayor, told IBJ in April. "They're an Indiana-headquartered company with superior wages."
Weber would not say whether Steak n Shake threatened to move elsewhere, but said headquarters deals often pit local officials against counterparts in other cities who are intent on stealing good companies and good jobs.