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South Bend Redevelopment Commission <br />Regular Meeting —April 10, 2012 <br />that time. At this point, the Redevelopment <br />Commission is simply asked for its sign -off <br />on the abatement, whatever term it qualifies <br />for by matrix. <br />Mr. Inks added that from here this item goes <br />to the Common Council for declaratory <br />resolution and at that time staff would still <br />have information that is pending. The final <br />step to the Common Council for a confirming <br />resolution, all of the information will be in <br />place. So before final action is taken by the <br />Council, it is known what the commitments <br />of the company are. <br />Mr. Downes added that without the project, <br />there would be no new taxes and no new <br />jobs. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 3019 <br />approving an application for real property tax <br />deduction for property located at 7101 <br />Vorden Parkway in the Airport Economic <br />Development Area (Tire Rack). <br />(2) Resolution No. 3020 approving an <br />application for real property tax deduction <br />for property located at 1217 South Walnut <br />Street in the Airport Economic <br />Development Area (Lock Joint Tube). <br />Ms. Hahn noted that Lock Joint Tube, LLC, <br />will invest between $8 and $9 million in the <br />purchase and installation of new <br />manufacturing, information technology, and <br />logistical distribution equipment to expand <br />its production capabilities at its Walnut Street <br />facility. This equipment will increase the <br />length, wall thickness and width of steel <br />tubing that can be manufactured as well as <br />5 <br />COMMISSION APPROVED RESOLUTION NO. 3019 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 7101 VORDEN PARKWAY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA (TIRE <br />RACK <br />