Two more speculative warehouses could be coming to the Greenwood’s Worthsville Road corridor if the city council approves a $4.9 million tax break later this summer.
Becknell Industrial came before the city council Monday night to announce their plans to develop two approximately 150,000 square feet speculative industrial buildings on a 30-acre site located on Worthsville Road, east of Endress-Hauser and the railroad tracks. The developer plans to invest $40.2 million, including the land, as part of the project and is requesting a roughly $4.9 million 10-year real property tax abatement, according to city documents.
At least 30 jobs would be created through the project, and savings from the abatement would be passed from Becknell to the eventual tenant. About $5.7 million in taxes would be paid during the length of the abatement, city documents say.
The buildings will be similar in size and character to the speculative buildings Becknell built in the city’s Southtech Industrial Park, where the developer leased two buildings to Milwaukee Tool and NT Supply. They will also be marketed to light manufacturing companies, with a projected construction start date of May 2023, city documents say.
“Becknell has been a good developer for us in the community,” Patrick Sherman, a certified accountant representing Becknell Industrial, told the city council Monday night.
The city’s redevelopment commission gave a unanimous approval for the tax abatement application during a meeting last week.
One resident spoke out against approving the abatement Monday evening. Greenwood resident Randy Goodin, who lives along Worthsville Road, voiced concerns about more industrial development on Worthsville Road during the public comment section of the meeting. The abatement was introduced on Monday and has not yet had a public hearing scheduled.
Goodin told the council there were better uses of the land in the area other than to constantly develop warehouses. Commercial and residential uses should be what the city is seeking to put in the area, he said.
“This (Worthsville Road) was supposed to be the gateway into the city,” Goodin said. “I think it can be done much better than making it look like Main Street.”
Next, the abatement will move through the city council’s review process. A public hearing on the abatement, and later the final vote, is likely to take place in July.