Title
Resolution Setting a Public Hearing on September 7, 2010 for the NanoBio Application for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2010-010
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on September 7, 2010 on the application of NanoBio Corp., for an industrial facilities exemption certificate in Industrial Development District No. 2010-010 established by City Council on August 16, 2010.
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. NanoBio Corp. filed an application with the City Clerk on August 16, 2010.
NanoBio Corp. is requesting an abatement on $200,000 of real property improvements and $483,000 of personal property. If approved, this will reduce NanoBio corporation’s annual tax bill for the new improvements by an average of approximately $8,200 for each year of the abatement. The new real and personal property investments will generate approximately $9,600 in property taxes for each year during the abatement period.
Staff
Prepared by: David Petrak, City Assessor
Reviewed by: Tom Crawford, Chief Financial Officer
Approved by: Roger W. Fraser, City Administrator
Body
Whereas, Pursuant to P.A. 198 of 1974, as amended (“Act”), after a duly noticed public hearing held on August 16, 2010, the City of Ann Arbor City Council established Industrial Development District No. 2010-010;
Whereas, Pursuant to Section 7a of the Act, on August 16, 2010, NanoBio Corp., filed an application with the City Clerk for an Industrial Facilities Exemption Certificate for real property improvements to be constructed and new personal property to be acquired and installed within Industrial Development District No. 2010-010;
Whereas, Before acting on said application, City Council is required to hold a public h...
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