Greenwood Pulls Tax Break For Monsanto

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(rendering courtesy Becknell Industries) (rendering courtesy Becknell Industries)
GREENWOOD -

Plans for a nearly $30 million warehouse facility in Greenwood have stalled. Our partners at the Daily Journal report the city has pulled a 10-year, $1.6 million tax abatement for St. Louis-based Monsanto Co. (NYSE: MON), which announced earlier this month it would occupy a 140,000 square-foot building in the Southtech Business Park.

City officials, including Mayor Mark Myers and City Council President Mike Campbell, said they received numerous emails and messages from residents opposed to the agriculture company locating in Greenwood. Campbell told the publication the amount of negative responses he received was similar to the amount of negative reception to the now-canceled plans for the Greenwood Iceplex.

The city cited concerns among residents over what exactly the company would be doing at the facility and whether it would negatively affect the environment. According to the tax abatement request with the city, Monsanto said the facility would house research and development equipment, though the company later clarified that while no actual research would take place in the facility, it would still be part of the company's research and development division, according to the Daily Journal.

The publication says Monsanto has agreed to correct and resubmit its tax abatement application. 

The $8.7 million building itself is being developed by Carmel-based real estate firm Becknell Industries. The Greenwood Redevelopment Commission has approved a 10-year, $1.4 million tax break for the building, which still requires final approval from the city council.

Commission President Brent Tilson told the publication he expects Becknell to continue with the building's development while looking for another tenant, if Monsanto decides not to locate in Greenwood.

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