Sakti3 Development District Hearing Set

March 21, 2011 at 10 pm

At its March 21, 2011 meeting, the Ann Arbor city council voted to set a public hearing on the establishment of an industrial development district (IDD), which could lead to tax abatements for Sakti3. The company is a University of Michigan spin-off focused on advanced battery technology, headed by Ann Marie Sastry. The IDD would be established for just under an acre of land, located at 1490 Eisenhower Place. Sakti3 is reportedly considering an investment of $2.4 million in new equipment and hopes to hire five additional people.

The hearing will be held at the council’s April 4, 2011 meeting, which starts at 7 p.m. in the city council’s chambers on the second floor of city hall at 100 N. Fifth Avenue. [Previous Chronicle coverage mentioning Sakti3: "No Secret Sakti3 Wants Its Batteries in Cars" and "Lutz Rides Current Motors Potential"]

This brief was filed from the boardroom in the Washtenaw County administration building, where the council is meeting due to renovations in the city hall building. A more detailed report will follow: [link]