Greenwood council considering tax breaks for 2 projects
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The Greenwood City Council has given preliminary approval of a 10-year tax abatement on an $8.5 million speculative building. Our partners at the Daily Journal report the council will also consider an abatement for a manufacturer’s planned expansion.
Councilors unanimously approved a more than $875,000 tax abatement for Gateway Park II LLC, which is developing a nearly 30,000-square-foot spec office building on the city’s north side. A representative of the developer told the council the facility would be used for medical and mixed office uses.
Officials expect more than 90 jobs to be created once tenants move into the building, the publication reported.
The council is expected to make its final vote on the incentives at its meeting next month.
Additionally, Greenwood-based Nachi America Inc. plans to invest nearly $14 million to expand and purchase new equipment at its facility, which houses multiple subsidiaries.
Nachi manufactures a variety of products such as cutting tools, gear tools, bearings, hydraulics and robotics. Alex Sowder with KSM Location Advisors, representing Nachi, told the council the project could be the first of two phases.
The company plans to add five jobs and retain 35 by the end of 2024.
Nachi is seeking a three-year, $367,000 tax abatement, which the council is expected to make an initial vote on in September.