Greenwood Seeks Another Spec Building
The Greenwood City Council has awarded a nearly $1 million tax break to a developer who wants to invest $8.6 million to construct a speculative building in the city.
Our partners at the Daily Journal report Indianapolis-based Shear Property Group sought the tax abatement for a 170,000-square-foot warehouse on the city’s eastside.
Council members voted 5-4 in approving the incentive. The paper says one of the “no votes” came from council member Bradley Pendleton who says the city should not be willing to give high incentives for buildings without tenants.
“Over the past two years, I think you could argue that we have provided a bigger break or more incentive to speculative buildings than to actual businesses who have come to us,” said Pendleton.
The publication says Greenwood has approved 11 tax abatements for speculative buildings over the past two years.
Pendleton says he understands the need for spec buildings, but he thinks the city should consider a different style of tax break.