Two more industrial buildings and a commercial building are in the works in Greenwood, and the city council is considering tax breaks for the two projects.
The Greenwood City Council heard proposals for two tax abatements last week — one for a two-building industrial logistics center, and one for a speculative commercial building.
Chicago-based CA Industrial Holdings plans to develop two speculative warehouses, intended to rent to logistics companies, just south of the County Line Road and Graham Road intersection in Greenwood. One building would be 278,000 square feet and the second would be 429,000 square feet, according to city documents.
CA Industrial asked the city for a 10-year real property tax abatement totaling $2.1 million for construction of both buildings, which are expected to be completed in the fall of 2022.
The developer plans to invest $40.4 million into the project and would pay $2.5 million in property taxes in the next 10 years, if the abatement is approved.
Because of the developer’s urgency to start construction on the project this summer, it asked the city council to move the abatement request through first reading at its last meeting. The abatement passed through first reading, and will go before the council again for a public hearing and final vote as early as its April 19 meeting.
Another tax break was considered for a 33,800-square-foot speculative commercial building at 1173 Airport Parkway. County Line Properties, LLC is developing a two-building commercial center to rent to local businesses, once complete.
The city already approved a $250,000 tax abatement for construction of the first 24,000-square-foot building in the project last April. Now, County Line Properties is asking for at $176,000 10-year real property tax abatement for construction of the second building. The two buildings, a $2.5 million investment, will house two office spaces each.
