Title
Resolution Setting a Public Hearing on October 1, 2012 to Receive Public Comment on the Application of Barracuda Networks, Inc., for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2012-010
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on the application of Barracuda Networks, Inc., for an industrial facilities exemption certificate in Industrial Development District No. 2012-010 established by City Council on August 9, 2012.
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. Barracuda Networks, Inc filed an application with the City Clerk on August 13, 2012.
Barracuda Networks, Inc is requesting an abatement on $750,000.00 of real property improvements and $914,156.00 of personal property. If approved this will reduce Barracuda Networks, Inc., annual tax bill for the new improvements by an average of approximately $12,200.00 for each year of the abatement. The new real and personal property investments will generate approximately $18,300.00 in property taxes for each year during the abatement period.
Staff
Prepared by: David Petrak, City Assessor
Reviewed by: Tom Crawford, CFO and Financial 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 August 9, 2012, the City of Ann Arbor City Council established Industrial Development District No. 2012-010;
Whereas, Pursuant to Section 7a of the Act, on August 13, 2012, Barracuda Networks, 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. 201...
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