Title
Resolution Setting a Public Hearing on Picometrix, LLC’s Application for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2006-020
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on the application of Picometrix LLC, for an industrial facilities exemption certificate in Industrial Development District No. 2006-020 established by City Council on March 6, 2006.
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. Picometrix LLC filed an application with the City Clerk on May 16, 2011.
Picometrix LLC is requesting an abatement on $2,690,000.00 of new personal property. The application contains $255,118.00 of ineligible property as it was installed greater than 6 months prior to the application accepted by the City Clerk. The amount to be approved would be $2,434,882.00. If approved, this would reduce Picometrix LLC’s annual tax bill for the new equipment an average of approximately $16,500.00 for each year of the five years recommended for the abatement. The new personal property investments will generate approximately $20,700.00 in property taxes for each year during the abatement period.
Staff
Prepared by: David Petrak, City Assessor
Approved by: Tom Crawford, Interim City Administrator
Body
Whereas, Pursuant to P.A. 198 of 1974, as amended (“Act”), after a duly noticed public hearing held on March 6, 2006, the City of Ann Arbor City Council established Industrial Development District No. 2006-020;
Whereas, Pursuant to Section 7a of the Act, on May 16, 2011, Picometrix LLC, filed an application with the City Clerk for an Industrial Facilities Exemption Certificate for new personal property to be acquired and installed within Industrial Development District No. 2006-020;
Whereas, Before acting on said applicatio...
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