Title
Resolution Setting a Public Hearing on Edwards Brothers Inc. Application for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2007-010
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on the application of Edwards Brothers, Inc., for an industrial facilities exemption certificate in Industrial Development District No. 2007-010 established by City Council on August 6, 2007.
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. Edwards Brothers Inc. filed an application with the City Clerk on October 22, 2010.
Edwards Brothers Inc. is requesting abatement on $188,055.00 of real property improvements and $5,290,514.00 of personal property. The requested abatement covers both new equipment and an abatement for upgrades to existing equipment located on-site (approximately real property improvements of $188,055.00 and $1,385,000 of the personal property improvements). Michigan law provides for the abatement of new machinery and equipment. The City Assessor has determined that Edwards Brothers, Inc. application qualifies under the statute only for the amount of the new personal property, being $3,905,514.00. If approved, this will reduce Edwards Brothers Inc. annual tax bill for the new improvements by an average of approximately $27,000 for each year of the abatement. The new real and personal property investments will generate approximately $27,000.00 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 6, 2007, the City of Ann Arbor City Council ...
Click here for full text