The Greenville City Council voted this week on a tax abatement agreement designed to help bring in a new industry.
Greenville Board of Development CEO/President Greg Sims told the council that the board and the Greenville 4A Economic Development Corporation had been working on Project Frost, planned for 5500 Industrial Drive in Greenville. The company has purchased land and will construct a refrigerated warehouse and distribution facility.
“We started working on this project a couple of years ago,” Sims said, adding the effort has involved “a lot of negotiations for incentives” which included the repaving of a portion of the roadway.
Sims said the council was being asked to consider abatements for both the property and the equipment which will be installed at the facility.
“That’s why there are two different tax abatements,” Sims said.
Phase One of the project includes a 120,000 square foot facility with subsequent phases up to 340,000 square feet, with an estimated construction investment of $22.5 million.
Upon completion the facility will be leased to North Texas Cold Storage who will be owner of the business personal property of an estimated $3.5 million.
The Board of Development and Economic Development Corporation voted April 16 to approve the recommendation of a tax abatement from the city and the Hunt County. with the Reinvestment Zone Advisory Committee approving and recommending tax abatement on Sept; 28.
North Texas Cold Storage is seeking a 50% abatement of the approved value five years from both the city and the county.
The measures passed by unanimous votes of the council.