Title
Resolution to Approve Industrial Facilities Exemption Certificate between the City of Ann Arbor and NanoBio Corporation
Memorandum
Attached for your review and approval is a resolution of abatement (Industrial Facilities Exemption Certificate) for NanoBio Corporation. The purpose of this abatement is to attract and retain corporate investment in the City of Ann Arbor.
NanoBio Corp. is an Ann Arbor based company that is in the business of biopharmaceutical development. The company is requesting an abatement of $683,000 of real property improvements and equipment (see addendum to the attached proposed Abatement Agreement).
City Administration recommends approval of this abatement request for the following reasons:
Ø The biopharmaceutical business is continually changing with new and faster technology and NanoBio needs to expand its space, replace and acquire new equipment for nanoemulsion technology development, with anticipation of 11 new employees resulting from the expansion to this facility.
Ø The attraction and retention of these type of businesses is consistent with the City and SPARK’S economic growth objectives.
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, after a duly noticed public hearing held August 16, 2010, the City of Ann Arbor City Council established Ann Arbor Industrial Development District No. 2010-010, as requested by Green Road Associates;
Whereas, Pursuant to Section 5 of Act 198, NanoBio Corp., on August 16, 2010, filed an application for Industrial Facilities Exemption Certificate with respect to real property improvements and new personal property to be acquired and installed within Ann Arbor Industrial Development District No. 2010-010;
Whereas, Before acting on said application, the City Council held a public hearing on September 7, 2010 at the City of Ann Arbor Cit...
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