Greeley: Council Approves Economic Incentives for Speculative Development

At a public hearing on July 17 City staff member Audrey Herbison told the City Council that Greeley currently has an industrial vacancy rate of 2.7 percent, and a five percent vacancy rate is considered a tight market. The intent of the ordinance is to encourage economic development and job creation by offering incentives for the development of “spec” industrial buildings. It targets core industries such as aerospace, conventional and renewable energy, distribution, manufacturing, processing, R&D, and computer system & software product support. 91 percent of the prospects the City currently receives are interested in existing buildings that can quickly be fitted and designed for industrial uses.

This ordinance is designed to bring new businesses and help existing businesses expand because the type of space they need isn’t currently available in Greeley. Incentives include property, sales and use tax rebates. In addition, development impact fees for police, fire, parks, trails, storm drainage and transportation can be deferred until certificates of occupancy are issued.

Council member and Mayor Pro Tem Robb Casseday said as an architect he agrees this ordinance is needed. He sees businesses that would otherwise land in Greeley go elsewhere where they can build immediately. “We are short of sites we need for this type of use,” he said. “I am in full support of incentives to help spur the development of industrial properties.” After a very short discussion, the ordinance was unanimously approved.

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