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Developer seeks ERA and 10-year, 50% tax abatement for 130,000-sq-ft storage/industrial building
Summary
Wheatley Group told council a Storage Connection Partners project on US 31 would be a 130,000-square-foot light industrial facility costing just over $10 million; the developer seeks an ERA designation and a 10-year tax abatement at 50% per year, and council asked about compliance conditions and timing.
A Wheatley Group representative asked the Clarksville council for feedback and direction on establishing an economic revitalization area (ERA) and pursuing a tax abatement for a proposed 130,000-square-foot light-industrial/storage facility on US 31. The presenter said construction costs are “a little over $10,000,000” and that the owner would seek a 50%-per-year abatement for 10 years to remain competitive in the corridor.
The consultant explained abatements typically begin when the building is assessed and noted the lease structure (triple-net) means tax savings are often passed to tenants. Council members asked whether the town should include wage or local-hiring stipulations (for example, a 110% county-wage requirement) and requested staff research compliance metrics municipalities use to ensure benefits materialize.
The presenter said an initial resolution to designate the ERA would be the first step; a public hearing and confirming resolution would follow before any abatement schedule is approved. The council agreed the item should be placed on an upcoming agenda for formal action if the developer files a petition.
