Title
Resolution Setting a Public Hearing on Sakti3, Inc.’s Application for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2011-010
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on the application of Sakti3 Inc. for an industrial facilities exemption certificate in Industrial Development District No. 2011-010 established by City Council on April 4, 2011.
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. Sakti3 Inc. filed an application with the City Clerk on February 21, 2012.
Sakti3 Inc. is requesting an abatement on $151,433.00 of real property improvements and $1,374,861.00 of new personal property. If approved, this would reduce Sakti3 Inc.’s annual tax bill for the new building improvements and equipment an average of approximately $23,200.00 for each year of the Three years recommended for the abatement. The new building improvements and personal property investments will generate approximately $29,500.00 in property taxes for each year during the abatement period.
Staff
Prepared by: David Petrak, City Assessor
Reviewed by: Tom Crawford, CFO/Finance and Administrative Services Administrator
Approved by: Steven D. Powers, City Administrator
Body
Whereas, Pursuant to P.A. 198 of 1974, as amended (“Act”), after a duly noticed public hearing held on April 4, 2011, the City of Ann Arbor City Council established Industrial Development District No. 2011-010;
Whereas, Pursuant to Section 7a of the Act, on February 21, 2012, Sakti3 Inc., filed an application with the City Clerk for an Industrial Facilities Exemption Certificate for new personal property to be acquired and installed within Industrial Development District No. 2011-010;
Whereas, Before acting on said application, City Council is required to h...
Click here for full text