Council approves extension to Core 5 building timeline, citing market delays
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Core 5 told the council Building 1 exceeded earlier value estimates but Building 2 is paused due to weak industrial-market absorption; the council approved Resolution 2026-02 to amend the SB1 tax abatement and extend start/completion dates (5-0).
Dentons attorney Amy Newning and Core 5 representatives briefed the Whiteland Town Council on the status of two industrial buildings the developer is building under a prior tax-abatement agreement.
Newning reported that Building 1 ‘‘has successfully fully completed’’ and has produced assessed values larger than originally anticipated; she said the developer now projects Building 2 will generate significantly more assessed value than first estimated and asked the council to extend the project timeline so Core 5 can secure a tenant. As Newning put it, ‘‘we estimate that the assessed value will be 60,000,000’’ when Building 2 is built.
Core 5 senior staff described national and regional industrial-market conditions that have delayed vertical construction and said the site is ‘‘pad ready’’ and actively being marketed to prospective tenants. Several council members voiced concern about repeatedly extending development deadlines without additional consideration; one member asked that the town receive some compensating benefit if the council were to delay the timeline again. After discussion, the council approved Resolution 2026-02, the second amended Statement of Benefits (SB1), to extend the start and completion dates for Building 2 on a recorded roll-call vote (5-0).
The amendment is recorded as a resolution and will return to the council as required for record-keeping and subsequent monitoring of performance benchmarks.