The Greenwood City Council on Monday approved tax breaks for two speculative building projects in the city.
The council held a public hearing during its regular meeting Monday night on a quarter million dollar tax break for two commercial buildings to be built at 1173 Airport Parkway, near the Indy South Greenwood Airport. The buildings, ideally, will be rented to small businesses in the area. The two buildings, a $3.6 million investment, will house four total office spaces.
The council voted 7-2 to approve the $250,000 tax abatement for both buildings over a 10-year period. Council members Ron Bates and Bradley Pendleton voted against it.
Additionally, the council approved a $1.8 million tax break for a speculative warehouse to be built in the Southpoint Business Park, directly behind the Ulta Distribution Center, just east of Interstate 65 in Greenwood.Â
It would be the third speculative building constructed by the developer, Indianapolis-based Shear Property Group, at the business park. The building is a $13.7 million investment and would sit on about 26 acres.
The abatement was approved 6-3 by the council, with Pendleton, Bates and Dave Lekse voting against it. During the meeting, Lekse said he decided to change his vote because the building was speculative.
Mike Campbell, council president, said although he’s received many questions about the building, he supports the project because the developer is known for bringing high-paying jobs to Greenwood.Â
Projections for the building are that it will bring at least 33 jobs that pay at least $19 an hour to the city.
