The Greenwood Redevelopment Commission is considering proposals to spend $2 million on road improvements related to two major economic development projects in the city. Our partners at the Daily Journal report the city’s contribution to the road work is part of incentives packages offered to FedEx Corp. (NYSE: FDX) and Newgistics.
FedEx announced in October plans to invest $259 million to build a 608,000-square-foot distribution facility, creating 455 jobs. The Greenwood City Council approved a 10-year, $17.3 million tax abatement for the project.
The council also approved a 10-year, $3.3 million tax abatement for Indianapolis-based Scannell Properties and Texas-based Newgistics. Scannell owns the property on which Newgistics plans to spend $36 million to build a 447,000-square-foot distribution facility and create nearly 225 jobs, according to the publication.
Some of the road improvements associated with the projects include adding stoplights, widening roads and adding turn lanes to accommodate the extra traffic that will be created once the facilities are completed. Greenwood Mayor Mark Myers tells the Daily Journal the city would quickly recoup the money spent on the road work from increased property taxes.
The goal of the road improvements is to give the businesses easier access to the Interstate 65 interchange at Worthsville Road. Work on road projects is expected to begin this spring, according to the mayor.
You can learn more about the road improvement projects from the Daily Journal by clicking here.