Title
Resolution Setting a Public Hearing on Arbor Networks, Application for an Industrial Facilities Exemption Certificate in Industrial Development District No. 2008-020
Memorandum
Attached please find for Council action the necessary resolution to set a public hearing on the application of Arbor Networks, Inc. for an industrial facilities exemption certificate in Industrial Development District No. 2008-020 established by City Council on February 19, 2008.
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. Arbor Networks filed an application with the City Clerk on August 31, 2011.
Arbor Networks is requesting an abatement on $1,077,980.00 of real property improvements and $7,596,001.00 of new personal property. Some of the items listed on the application for real property improvements are personal property. A corrected equipment list has $883,527.00 in real property and $7,790,454.00 in personal property with the total amount unchanged. If approved, this would reduce Arbor Networks annual tax bill for the building improvement and new equipment an average of approximately $84,700.00 for each year of the five years recommended for the abatement. The new Building improvements and personal property investments will generate approximately $107,800.00 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 February 19, 2008, the City of Ann Arbor City Council established Industrial Development District No. 2008-020;
Whereas, Pursuant to Section 7a of the Act, on August 31, 2011, Arbor Networks, Inc filed an application with the City Clerk for an Industrial Facilities Exemption Certificate for ...
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