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227 W. JEFFERSON BOULEVARD <br />SDrrE 1400 S. <br />SOUTH BEND, IN 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />Apri11o,2014 COMMUNITY INVESTMENT <br />SCOTT.FORD-.EXECUTIVE DIRECTOR <br />Council Member, Chairperson (Cjiavin j er is <br />Community Investment Committee <br />South Bend Common Council <br />4th Floor, County -City Building <br />South Bend, IN 46601 <br />RE: Real Property Tax Abatement for: <br />Lock Joint Tube, LLC <br />Dear Council Member Ferlic: <br />PHONE: 574 /235 -9371 <br />FAx:574/235 -9021 <br />With the real property improvements, the Company now qualifies for a five real property <br />tax abatement. In our initial report to the Common Council the Department of <br />Community Investment explained that the Company would qualify for a five to seven <br />year real property abatement depending on their selection of contractors. The Company <br />has since informed our department that they do not intend to submit contractor <br />information. Hence, they now qualify for a five year real property abatement. The <br />project cost is $1.1 million in new building construction for a 30,000 square foot addition <br />and $2,048,900 for existing building improvements. It is estimated that the projects (they <br />have petitioned for a personal property abatement) will create six to eight new, <br />permanent, full -time jobs within the first year of production representing a payroll of <br />$189,000 to $251,000; and the projects will maintain one hundred ninety-three (193) <br />existing, permanent full -time and no existing, part-time jobs representing an annual <br />payroll of approximately $10,300,000. <br />A representative from Lock Joint Tube will be available to meet with the Committee on <br />Monday, May 12, 2014 <br />Should you or any of the other Council members have any questions concerning the <br />report, or need additional information, please feel free to call <br />at 235 -9339. 1 � __ _- - .__ <br />Sincerely 2 <br />Br6c1c eZ eb " " <br />Director Economic Resources <br />Attachments <br />cc: South Bend Common Council Members <br />Deputy Mayor Mark Neal <br />Scott Ford <br />Chris Fielding <br />Fled in C =. r: <br />FAPR 1 1 <br />CITYCLENt , g: , <br />M4 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />JITM KAIN PAMELA C. MEYER CHRIS FIELDING DONALD E. INKS <br />