At its April 16, 2012 meeting, the Ann Arbor city council voted to set a public hearing for May 7 on a tax abatement for Sakti3 – a battery technology spinoff from the University of Michigan. Sakti3 is led by UM professor Ann Marie Sastry.
According to the staff memo accompanying the resolution, Sakti3 is requesting an abatement on $151,433 of real property improvements and $1,374,861 of new personal property. If approved, it would reduce Sakti3 Inc.’s annual tax bill by $23,200 for each of three years in the recommended abatement period. The new building improvements and personal property investments would generate about $29,500 in property taxes for each year during the abatement period.
Previously, the council voted on March 21, 2011 to set a public hearing on the establishment of the industrial development district under which Sakti3 is applying for an abatement. And on April 4, 2011, the city council approved the establishment of the district.
This brief was filed from the city council’s chambers on the second floor of city hall, located at 301 E. Huron. A more detailed report will follow: [link]