Greenwood approves $138K tax break for local developer

The Greenwood City Council approved more than $138,000 in tax breaks for a new speculative warehouse and office building.

Greenwood-based Sedgwick Property Group LLC is seeking to invest $1.7 million in a new 24,000-square-foot speculative building on a property across the street from its headquarters at 370 Commerce Parkway West Drive in Greenwood. The property is just south of Main Street, east of Interstate 65.

Martin Sedgwick, the developer, owns two other commercial buildings in the city—the one on Commerce Parkway West Drive and another on U.S. 31—where small businesses rent out spaces. 

Sedgwick asked for a five-year real property tax abatement of more than $138,000 for its newest speculative building, according to city documents. This would mean Sedgwick would not pay real property taxes on the building in its first year, but would pay an additional 20% each year over a five-year period, eventually paying full property taxes. The developer will pay about $373,000 in property taxes over the course of the abatement. 

Sedgwick did not provide any projected job or salary numbers in its abatement application. 

The Greenwood Redevelopment Commission unanimously approved the abatement July 14. The council’s decision was also unanimous.