UM Purchases Pfizer Site
Details are scant, but UM has scheduled a major announcement to be made at this afternoon’s regents meeting: UM will purchase the former Pfizer site.
Reaction to the news from Ward 5 councilmember Carsten Hohnke was unambiguous: “The impact of removing $1.5 million from our tax rolls can not be overstated. I’m extremely disappointed that the University could not find a way to be a more creative and equitable partner with the city in this.”
I think Mr. Hohnke meant that Ann Arbor’s actual tax revenues for one year will be reduced by $1.5 million. I believe that it was $2 million (per year) in the recent past, but they have been removing personal property (lab equipment, etc.) so I’m not sure what the actual tax revenue would have been this year if it had remained in private hands.
I thought Pfizer would donate the site to UofM and take a tax write-off of about $50 Million. But if UofM has the money to blow, why not take $108 Million of UofM’s money! The deal is good for Pfizer, good for UofM and bad for everyone else. Please ask councilmember Hohnke what he thinks of the city hall expansion plans now.