Title
Resolution Setting a Public Hearing for Sakti3, Inc. 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 April 5, 2011.
Sakti3 is requesting an abatement on $200,000.00 of real property improvements and $2,200,000.00 of personal property. If approved, this will reduce Sakti3 Inc.’s annual tax bill for the new improvements by an average of approximately $17,000.00 for each year of the abatement. The new real and personal property investments will generate approximately $22,500.00 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 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 April 5, 2011, Sakti3, Inc., 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. 2011-010;
Whereas, Before acting on said application, City Council is required to hold a public hearing at which the applicant, the City Assessor, and a representativ...
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