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