Title
Resolution to Approve Industrial Facilities Exemption Certificate between the City of Ann Arbor and Picometrix LLC
Memorandum
Attached for your review and approval is a resolution and proposed abatement agreement (Industrial Facilities Exemption Certificate) for Picometrix LLC. The purpose of this abatement is to attract and retain corporate investment in the City of Ann Arbor.
Picometrix is developing and manufacturing the fastest, most sensitive, most temperature-stable, and broadest-wavelength high-speed optical receivers available. The company is requesting an abatement of $2,690,000.00 of equipment. The application contains $255,188 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. (see addendum to the attached proposed agreement).
City administration recommends approval of this abatement request for the following reasons:
? The optical receiver business is continually changing with new and faster technology and Picometrix needs to acquire new equipment, with anticipation of eleven 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 March 6, 2006, the City of Ann Arbor City Council established Ann Arbor Industrial Development District No. 2006-020;
Whereas, Pursuant to Section 5 of Act 198, Picometrix . has filed an application for Industrial Facilities Exemption Certificate with respect to new personal property to be acquired and installed within Ann Arbor Industrial Development District No. 2006-020;
Whereas, Before acting on said application, th...
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