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South Bend Redevelopment Commission <br />Regular Meeting —April 10, 2012 <br />five year term, the taxes abated would range <br />from $70,000 to $82,000 and the taxes paid <br />will range from $258,000 to $329,000. <br />According to the petitions, it's estimated the <br />two projects will create seven to eleven new <br />permanent full -time jobs with a payroll of <br />$210,000 to $330,000 and the projects will <br />maintain 56 existing permanent full -time and <br />no existing part-time jobs representing and <br />annual payroll of $2,300,000. <br />Mr. Deahl, tax attorney for Lock Joint Tube, <br />noted that Lock Joint Tube is a large <br />manufacturer of mechanical and structural <br />grade steel tubing. At the facility on Walnut <br />Street, there is a large portion of the building <br />that is underutilized because of its low roof <br />height. This project will invest over $1 <br />million in that portion alone to make it <br />suitable for manufacturing and use that space <br />to house new equipment valued at $8 million <br />allowing them to enter new markets. Lock <br />Joint Tube asks for favorable consideration. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 3020 <br />approving an application for real property tax <br />deduction for property located at 1217 South <br />Walnut Street in the Airport Economic <br />Development Area (Lock Joint Tube). <br />(3) Resolution No. 3021 approving an <br />application for personal property tax <br />deduction for property located at 1217 <br />South Walnut Street in the Airport <br />Economic Development Area (Lock Joint <br />Tube). <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />7 <br />COMMISSION APPROVED RESOLUTION NO. 3020 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1217 SOUTH WALNUT STREET IN <br />THE AIRPORT ECONOMIC DEVELOPMENT AREA <br />(LOCK JOINT TUBE). <br />COMMISSION APPROVED RESOLUTION NO. 3021 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />