EAST SPENCER — The East Spencer Board of Aldermen approved a tentative agreement with Tectonic Development during their meeting June 5 to provide a seven-year tax abatement incentive on a construction project by the company.

The project will include building two “spec” buildings (speculative, with no confirmed tenants at the time of construction) on what is known as the Rusher property just off Exit 79 from I-85. The company has a portion of an 83.788-acre parcel to build on, and proposes one building will be 365,000 square feet, and the other will be 131,000 square feet.

The buildings are described as office and warehouse space, but city officials said there is discussion of other businesses joining the property.

Tectonic plans to complete the construction by the end of 2024, and the town is tentatively agreeing to an initial 70 percent abatement that will decrease by 10 percent each year until 2031, when the parcels will be paying the full tax value to the town.

Town Manager Michael Douglas said the agreement benefits both sides. Tectonic gets a bit of a break at the start, but as the locations become established, the town benefits from their growth and stability.

The initial investment from Tectonic will be about $30 million, said Douglas, and it is the kind of growth the town is looking for.

“For the most part, people here are eager for growth. East Spencer has been neglected for the last 50 years and has not had the opportunity for growth,” he said. “But we are changing the look of the town and the growth is coming.” He said the town plans to use the increase in tax revenues not only for projects like improvements to roads, but to create a full-time fire department and to hire more police officers.

“We are planning ahead and we understand that with growth comes a need for more public safety and more services,” said Douglas.