Greenwood redevelopment board OKs abatements for new shell building, dermatology office

Two businesses received approvals for tax breaks for new buildings planned in Greenwood.

Earlier this year, the Greenwood Redevelopment Commission approved tax breaks for a dermatology office moving to Greenwood and the construction of a 140,000-square-foot industrial building intended for Monsanto, but both projects fell through.

Dermatology Inc. ended up not being able to purchase the building it wanted to refurbish and expand, and the city withdrew the offer of a tax break to Monsanto, meaning the developer of the building Monsanto was going to use needed to resubmit its plans.

After a plan to purchase a building near Interstate 65 and Main Street fell through, Dermatology Inc. now plans to spend $2.3 million to purchase about six acres of land east of the Indy South Greenwood Airport and construct a 14,000-square-foot medical office building with space for its business headquarters, a clinical dermatology practice and a cosmetic spa. Dermatology Inc. has a corporate office in Indianapolis and 11 offices throughout the region, including one in Greenwood.

Dermatology Inc. will retain 33 employees from its Greenwood clinic and 28 employees from its Indianapolis headquarters, and will also hire 13 new employees with average salaries of $65,000.

The redevelopment commission unanimously approved a 10-year, $120,000 tax break. Dermatology Inc. still will pay $122,000 in property taxes during that time period.

Becknell Industrial still plans to construct an industrial building in the Southtech Business Park that was formerly planned for Monsanto, but is now doing the work on a speculative basis, meaning no tenants have been found yet.

Becknell plans to invest $8.7 million in the building. The redevelopment commission unanimously approved a 10-year, $1.4 million tax break. Becknell will pay $1.4 million in property taxes in that period.

The tax breaks also will need to be approved by the Greenwood City Council.

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Jacob Tellers is a reporter at the Daily Journal. He can be reached at jtellers@dailyjournal.net or 317-736-2702.