The local developer responsible for bringing FedEx and Amazon to Greenwood wants to build a speculative building in the same industrial park in hopes that it will attract another high-end company.
The city’s redevelopment commission last week approved a 10-year, $2.27 million real property tax break for Scannell Properties to build a 541,500-square-foot warehouse that could serve as a manufacturing or distribution facility for prospective clients.
Scannell, and eventually whatever company moves into the building, would pay about $2.23 million in property taxes during that time. The building would be located just south of the Amazon facility, which is expected to open by the end of this year.
In its proposal, Scannell plans to make $26.5 million in real estate improvements, according to city documents. They would lease the building, which the company hopes to start construction on this spring and wrap up by spring 2020, city documents said.
Scannell will also pay to install water, streets and drainage facilities to serve the newly constructed warehouse.
The developer is requesting a non-traditional abatement schedule, agreeing to pay 20 percent of taxes the first three years; 30 percent the fourth year; 35 percent the fifth year; 50 percent the sixth year; 65 percent the seventh year; 75 percent the eighth year; 85 percent the ninth year and 5 percent the final year of the abatement.
It is unclear how many jobs the new facility would bring to the area or how much they would pay because the building is being built on a speculative basis, Scannell said in its application.
The redevelopment commission unanimously approved the abatement. Now it is up to the city council to decide whether to sign off on it. The property is already zoned for industrial use.
