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1200 ~,OUN"I'Y-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />SHARON T. KENDALL <br />EXECUTIVE DIRECTOR <br />July 14, 2006 <br />Council Member Roland Kelly, Chairperson <br />Community & Economic Development Committee <br />South Bend Common Council <br />4th Floor, County-City Building <br />South Bend, IN 46601 <br />RE: Personal Property Tax Abatement Petition for: <br />Lock Joint Tube, LLC <br />Dear Council Member Kelly: <br />Please find attached the Department of Community & Economic Development's report on a personal property <br />tax abatement petition for the above-referenced petitioner. Also attached is a copy of the petition, Statement <br />of Benefits form, and supporting information. The project calls for the acquisition and installation of new <br />equipment as part of the company's planned increase in productive capacity in its facility located at 1215 <br />South Walnut Street. <br />The report contains the Department's findings relative to the above petition. Lock Joint Tube will be <br />purchasing and installing new manufacturing equipment. The total project cost for the equipment is estimated <br />between $2.2 and $3.2 million. The project meets the qualifications fora (5) five-year personal property tax <br />abatement and a representative from Lock Joint Tube will be available to meet with the Committee on <br />Monday, July 24, 2006. <br />Additionally, Lock Joint Tube is located in the Urban Enterprise Zone and may qualify for the Enterprise Zone <br />Investment deduction. This is a new, 10-year deduction which covers 100% of assessed value from new <br />investment, but requires the company to contribute 25% of savings to the Urban Enterprise Association. The <br />department recommends that should the company receive the UEZ designation, the Tax Abatement <br />designation shall become null and void. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL RC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9G60 574/235-9371 ELIZABETH LEONARD <br />EAX: 574/235-9697 574/235-9371 <br />