Title
Resolution to Approve Industrial Facilities Exemption Certificate between the City of Ann Arbor and Sakti3 Corporation
Memorandum
Attached for your review and approval is a resolution and proposed abatement agreement (Industrial Facilities Exemption Certificate) for Sakti3 Corporation. The purpose of this abatement is to attract and retain corporate investment in the City of Ann Arbor.
Sakti3 Corporation is a company that is in the business of developing batteries for electric vehicles. The company is requesting an abatement of $2,400,000.00 of real property improvements and equipment (see addendum to the attached proposed agreement).
City administration recommends approval of this abatement request for the following reasons:
· The alternative energy business is continually changing with new and faster technology and Sakti3 needs to expand and acquire new equipment for the development of batteries for electric vehicles, with anticipation of five new employees resulting from the expansion of this facility.
· The attraction and retention of these operations is consistent with the City and SPARK’s economic growth objectives.
Staff
Prepared by: David Petrak, City Assessor
Reviewed by: Mary Joan Fales, Senior Assistant Attorney
Approved by: Tom Crawford, Interim City Administrator
Body
Whereas, Pursuant to P.A. 198 of 1974, as amended, after a duly noticed public hearing held April 4, 2011, the City of Ann Arbor City Council established Ann Arbor Industrial Development District No. 2011-010, as requested by Eisenhower Commerce Center Associates;
Whereas, Pursuant to Section 5 of Act 198, Sakti3 Corp. has 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. 2011-010;
Whereas, Before acting on said application, the City Council held a public hearing on June 6, 2011 at the City of Ann A...
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