Laserfiche WebLink
I200 COUNTY -CITY BUILDING <br />21.7 W. JEFFERSON BOUI.F.vARD <br />SOUTH BFND, INDIANA 46601 -1830 <br />March 29, 2012 <br />PHONE 574/ 23 5-9371 <br />FAX 574/235-9021 <br />CITY OF SOUTH BEND PETE B=GIEG, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />Council Member, Chairperson Henry Davis <br />Community & Economic Development Committee <br />South Bend Common Council <br />4th Floor, County -City Building <br />South Bend, IN 46601 <br />RE: Personal Property Tax Abatement Petition and Real Property Tax Abatement Petition for: <br />Lock Joint Tube, LLC <br />Dear Council Member: <br />Please find attached the Department of Community & Economic Development's report on a personal property <br />tax abatement petition and a real property tax abatement petition for the above - referenced petitioner. Also <br />attached are copies of the petitions, Statement of Benefits forms, and supporting information. The project <br />calls for the acquisition and installation of new equipment as part of the company's planned increase in <br />productive capacity in its facility located at 1217 South Walnut Street. The company also plans to construct an <br />addition and raise the existing roof on the present building. <br />The report contains the Department's findings relative to the above petitions. Lock Joint Tube will be <br />purchasing and installing new manufacturing equipment. The total project cost for the equipment is estimated <br />between $8.0 and $9.0 million. The project meets the qualifications for a (5) five -year personal property tax <br />abatement. With the real property improvements, the Company will qualify for a four or a five year real <br />property tax abatement. A representative from Lock Joint Tube will be available to meet with the Committee <br />on Monday, April 23, 2012. <br />Additionally, Lock Joint Tube is located in the Urban Enterprise Zone and may qualify for the Enterprise Zone <br />Investment deduction. This is a 10 -year deduction which covers 100% of assessed value from new investment, <br />but requires the company to contribute 25% of savings to the Urban Enterprise Association. The department <br />recommends that should the company receive the UEZ designation, the Tax Abatement designation shall <br />become null and void. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVEI.OPMP.NT <br />PAMELA C. MEYER DONALD E. INKS <br />574/235-966o 574/235-9371 <br />FAX: 574/235-9469 <br />