Report: Kohl's and Village Modify Plans to Keep Headquarters in Falls
The most recent proposal would include $41 million in public financing.
There’s been a lot of speculation whether Kohl’s would keep its headquarters here in Menomonee Falls, but a revised plan has created some optimism that they will stay right here in the village.
According to Tom Daykin of JSOnline, the village and Kohl’s are negotiating a new proposal that would include about $41 million in public spending to keep the headquarters in the village.
The proposal would place the company’s primary building on 45 acres of village-owned land in the northwestern corner of the Woodland Prime office park between Good Hope Road and Appleton Avenue, Village Manager Mark Fitzgerald said in the report.
The village would create a new taxing district and spend about $23 million to install new roads, water mains, a bridge and other improvements. An additional $18 million would purchase land and provide grants and incentives.
Daykin reports that the $41 million would be paid back over the span of 18 years, and the money would be raised through property taxes on the building.
The plan also includes a less costly $28 million proposal that doesn’t involved Kohl’s locating in Woodland Prime.
According to the report, the plan could go in a number of directions over the next several months as it makes its way through the approval process. Any financing for the Kohl’s project will need to make its way through the Plan Commission and Village Board for approvals.
On Aug. 2, the taxing district that would include the new headquarters will go before the Plan Commission for a public hearing.