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South Bend Redevelopment Commission <br />Regular Meeting - December 15, 1995 <br />U 6. NEW BUSINESS (Cont.) <br />C. continued... <br />Joint's current customers. The <br />implementation of this project will <br />enable Lock Joint to maintain its <br />competitive position and better serve <br />its customers. <br />It is estimated that this project will <br />result in the creation of ten (10) new <br />permanent full time positions <br />representing an annual payroll of <br />$300,000, and will maintain two <br />hundred and forty five (245) existing <br />permanent full-time and part-time <br />jobs representing an annual payroll <br />of $6,950,000. <br />Lock Joint Tube, Inc. has been <br />Cgranted there previous tax <br />abatements, a 5 year personal <br />property abatement in January 1992 <br />and a 10 year real property <br />abatement in December 1992 and a 5 <br />year personal property abatement in <br />January 1995. Lock Joint Tube, Inc. <br />is in compliance with the reporting <br />requirements for these previous <br />abatements. The property is <br />properly zoned for the proposed use. <br />The property is located in an area <br />presently designated as a 'Pax <br />Abatement Impact Area, and is also <br />located in the Sample /Ewing <br />Development Area, which is a Tax <br />Incremental Financing Allocation <br />Area, therefore, the petition first <br />requires the approval of the South <br />Bend Redevelopment Commission. <br />-11- <br />