Companies given tax abatement for spec buildings will be exempt from Fort Wayne review

Under the amended policy, approved in a 6-2 preliminary City Council vote Tuesday with one councilman abstaining, shell buildings will not be subject to the review. 

Typically, companies with projects that receive tax abatements, which phase in taxes over a three-, five- or 10-year period, must prove they are substantially meeting their projected job creation, salary and job retention goals. If the council finds a company is not in compliance with the goals it laid out in the abatement application, council members can vote to revoke the abatement or grant the company a waiver of noncompliance, which continues the abatement anyway.

Shell buildings – also known as spec buildings – are empty structures that can easily be modified to fit the needs of a potential tenant or buyer. Companies interested in shell buildings are typically interested in starting operations as quickly as possible and do not want to wait to build a new building on their own.