Title
Request for Tax Exemption Under Public Act 376 of 1996, Tool & Die Recovery Zone, by Urgent Plastic Services
Body
Whereas, the City of Rochester Hills desires to promote economic activity and maintain/increase the number of jobs available to residents of the area, and;
Whereas, certain industries in the state are facing difficult times and the tool and die industry, in particular, has sustained losses due to foreign competition and increased productivity, and;
Whereas, the designation of a Renaissance Recovery Zone will temporarily reduce the tax burden paid by Urgent Plastic Services enabling it to reposition itself to compete globally, and;
Whereas, Urgent Plastic Services has entered into a collaborative agreement with other business entities having the appropriate North American Industry Classification System (NAICS) codes, and;
Whereas, the qualified tool and die business property is property leased or owned by a tool and die business and used primarily for tool and die operations, and;
Whereas, should the area be designated a Renaissance Recovery Zone, property within that zone will be exempt from taxes levied by the city, county, and other units of government as provided under this Act, and;
Whereas, we estimate that the tax revenue lost would be a small fraction of the benefits the designation of a Renaissance Recovery Zone will bring the community.
Resolved, that the Rochester Hills City Council requests that the State of Michigan designate Urgent Plastic Services, located at 2777 Product Dr., and further described as parcel 70-15-28-377-017, a Renaissance Recovery zone under Public Act 376 of 1996 for a duration of up to five years.