St. Louis-based Monsanto Co. (NYSE: MON) is planning to invest nearly $30 million into a new warehouse facility in Greenwood. Our partners at the Daily Journal report the agriculture company would occupy a 140,000 square-foot facility in the Southtech Business Park and add a small number of jobs.
Monsanto is requesting a 10-year, $1.6 million personal property tax abatement to equip the facility, which is being developed by Carmel-based real estate firm Becknell Industries. According to documents filed with the city, the company says it will use the facility to process, package and distribute corn, soybean and cotton seeds for testing. It will also store farm and agricultural equipment.
The tax abatement request still needs approval from the Greenwood Redevelopment Commission and the Greenwood City Council. Council President Mike Campbell tells the Daily Journal adding a big name like Monsanto is huge for the city.
"Monsanto is one of those companies everyone has heard of," said Campbell. "It is good for Greenwood having a company like that. It provides good paying jobs and long-term jobs that will benefit our city and citizens."
Becknell is investing $8.7 million to construct the building and is requesting a 10-year, $1.4 million tax abatement. The Greenwood Redevelopment Commission has approved the incentive, which still requires approval from the city council.
The facility would add up to 10 office jobs and up to 70 temporary warehouse positions. However, the documents say that number will drop to 20 by 2020. Construction on the building could begin in August and be complete by June 2018.
"Bringing in Monsanto will help Johnson County continue to diversify its workforce," Dana Monson, director of the Johnson County Development Corp., tells the Daily Journal. "Our county is diverse in different types of manufacturing, healthcare and logistics. Adding to that with the agriculture business is a good step for the county to continue that diversity. Bringing in quality, skilled jobs is always the goal of development, and the positions that will come along with the Monsanto facility fit that need."
Note: A previous version of this story referred to the facility as a research facility.