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I200 COUNTY -CITY BUILDING <br />2.2.7 W JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 466oI -1830 <br />PHONE 574/ 235 -9371 <br />FAX 574/235-9021 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />TAX ABA TEMENT REPORT <br />TO: SOUTH BEND REDEVELOPMENT COMMISSION <br />FROM: KATHY HAHN <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION AND REAL PROPERTY TAX <br />PETITION FOR: <br />LOCK JOINT TUBE, LLC; 1217 S. WALNUT STREET <br />DATE: March 29, 2012 <br />On March 29, 2012, petitions for personal property tax abatement and real property tax abatement <br />consideration for property located at 1217 South Walnut Street were filed with the City Clerk by Attorney <br />Richard Deahl, agent for Lock Joint Tube, LLC. Pursuant to Chapter 2, Article 6, Section 2 -77 of the <br />Municipal Code of the City of South Bend, these petitions were referred to the Department of Community <br />and Economic Development for purposes of investigation and preparation of a report determining whether <br />the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community and Economic Development has reviewed the petitions (copies of which <br />are attached), investigated the area, and makes the following combined report. <br />PROJECT SUMMARY <br />The company will invest between $8.0 and $9.0 million in the purchase and installation of new manufactu- <br />ring, information technology, and logistical distribution equipment to expand its production capabilities at <br />its Walnut Street facility. This equipment will increase the length, wall thickness, and width of steel <br />tubing that can be manufactured as well as enhance the coating, weld capabilities, and overall quality <br />control standards for production of finished goods. These increased capabilities will expand the types of <br />products the Petitioner can manufacture and will expand its existing markets, plus open new markets such <br />as automotive axles, roll -over production systems and other heavy structural applications. Total taxes <br />abated during the five -year abatement period range from $285,808 to $329,933, depending upon the final <br />amount the company will invest in the new equipment. The taxes paid will range from $663,675 to <br />$706,631. <br />Zone Inves1iRWj4Q'j�Wfi- This is a 10 -year deduction which covers <br />574/235-966o <br />FAX: 574/235-9469 <br />5741235-9371 <br />value from new <br />