Title
Resolution Setting A Public Hearing on the Application of Mehindra GenZe, for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2013-010
Memorandum
Resolution Setting A Public Hearing on November 6, 2014 to Receive Public Comment on the Application of Mehindra GenZe, for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2013-010
Attached please find for Council action the necessary resolution to set a public hearing on the application of Mehindra GenZe, for an industrial facilities exemption certificate in Industrial Development District No. 2013-010 established by City Council on December 2, 2013.
State law requires that a public hearing be scheduled by the local governing body on receipt of an application for an industrial facilities exemption certificate in an established development district. Mehindra GenZe filed an application with the City Clerk on September 26, 2014.
Mehindra GenZe is requesting a three year abatement on $454,610.00 of real property improvements and $1,751,204 of personal property. $148,500.00 of real property improvements is site work and would not qualify for a tax abatement. If approved this will reduce Mehindra GenZe's tax bill for the new improvements for 2015 by approximately $21,500.00. The new real and personal property investments will generate approximately $22,700.00 in property taxes for 2015. In accordance with current legislation it is highly probable the personal property would become exempt in 2016.
Staff
Prepared by: David Petrak, City Assessor
Reviewed by: Tom Crawford, Chief Financial Officer
Approved by: Steve Powers, City Administrator
Body
Whereas, Pursuant to P.A. 198 of 1974, as amended ("Act"), after a duly noticed public hearing held on December 2, 2013, the City of Ann Arbor City Council established Industrial Development District No. 2013-010;
Whereas, Pursuant to Section 7a of the Act, on September...
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