Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
South Bend Redevelopment Commission <br />Regular Meeting —April 10, 2012 <br />enhance the coating, weld capabilities and <br />overall quality control standards for <br />production of finished goods. These <br />increased capabilities will expand the types <br />of products the Lock Joint Tube can <br />manufacture and will expand its existing <br />markets, plus open new markets such as <br />automotive axles, roll -over production <br />systems and other heavy structural <br />applications. Total taxes to be abated during <br />the five -year abatement period range from <br />$285,808 to $329,933 depending upon the <br />final amount the company will invest in the <br />new equipment. The taxes to be paid are <br />expected to range from $663,675 to <br />$706,631. <br />The real property tax abatement petition <br />describes two investments in two projects. <br />They are going to move and reconstruct their <br />roof, raising approximately 60,000 sq. ft of <br />roof from 15 ft. to 40 ft. They are also going <br />to construct a new 30,000 sq. ft. addition for <br />additional manufacturing, storage and <br />shipping space. The real estate investments <br />will cost between $1 million and $1.6 <br />million. Lock Joint Tube does not have all of <br />the information on its contractors at this <br />point. However, they want to use Mid - States <br />Construction as the primary contractor and a <br />prefabricated metal building, which is not <br />available locally, will be a large purchase. <br />Based on preliminary information, staff <br />thinks they will qualify for a four- or five - <br />year property tax abatement. All of this <br />information will be firmed up before the date <br />of obtaining the confirming resolution. <br />Based on a cost of $1 million with a four or <br />five year term, the taxes abated will range <br />from $34,000 to $40,000 and the taxes paid <br />will range from $223,000 to $281,000. <br />Based on a cost of $1.6 million with a four or <br />