Sakti3 Tax Abatement Delayed
After a public hearing held at its May 7, 2012 meeting, the Ann Arbor city council delayed a tax abatement for Sakti3 – a battery technology spinoff from the University of Michigan. Sakti3 is led by UM professor Ann Marie Sastry. The postponement – until the council’s next meeting – came at the request of Marcia Higgins (Ward 4), who wanted the matter referred first to the council’s budget committee. Comments around the council table suggest that when it comes back on May 21, there’ll be support for the abatement.
According to the staff memo accompanying the resolution, the abatement would be on $151,433 of real property improvements and $1,374,861 of new personal property. According to a memo from city financial staff, … [Full Story]