A tax break for a speculative building planned to be built in Greenwood was given an initial approval.
Scannell Properties proposed plans to spend $9.4 million on a 232,000-square-foot building in the Southpoint Business Park, off of Interstate 65 between Main Street and County Line Road. The building is set be used as a distribution or manufacturing facility. Construction is planned to begin in the first quarter of this year, and is projected to be complete by the end of the year, according to a tax abatement request filed with the city.
Scannell Properties is requesting a $1.1 million property tax break. The city would collect $1.1 million in taxes from the property over that same period.
The council approved the tax break 5-3. Members Bruce Armstrong, Dave Lekse and Brenty Corey voted against the tax break; David Hopper was absent.
Council members opposed to the tax break have cited concerns about the speculative nature of the project and the uncertainty of whether it would produce the types of high-paying jobs that are needed in the city.
The tax break still would need final approval. If approved, it would be the fourth tax break given to a speculative project in the city since 2015.