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�SflU Ttg 8� <br /> 1200 COUNTY-CITY Bun.DING %O E /�%'1Q P14ONE 57412 3 5-9371 <br /> 227 W JEFFERSON BOUI.F.VARD <br /> SOUTH BEND,INDIANA 466oi-183o W���_at FAX 574/x35'9025 <br /> 1865 <br /> CITY OF SOUTH BEND PETE Bu TIGIEG,MAYOR <br /> COMMUNITY & ECONomic DEVELOPMENT <br /> March 29, 2012 <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 4£601 <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 apersonal 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 capacityin 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 I 0-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 EcC31.OMIc DkvF.I.OPMENT <br /> PAMELA C.IVIEYER <br /> 5741235-9660 <br /> DONALD F.INKS <br /> 7;12;5�937i <br /> FAX:5)-4/235-9.169 5 <br />