MENOMONEE FALLS (WITI) -- The Milwaukee Business Journal is reporting Menonomee Falls officials have determined Kohl’s Corp. must return a $2 million grant it received last year for the now-canceled new headquarters development.
Kohl’s, which is based in Menomonee Falls, last week announced that instead of building 900,000 square feet of office space in the Woodland Prime office park in the village, it will buy and renovate two existing buildings near its current campus to accommodate growth.
The company’s decision means it must undo some agreements made with Menomonee Falls in conjunction with its original plan to create a corporate headquarters worth $90 million in property value, according to the Business Journal.
According to the Business Journal, Menomonee Falls officials last week were not sure whether Kohl’s would be required to return a $2 million grant it received last year, said village manager Mark Fitzgerald. The confusion stemmed from the language of the development agreement saying Kohl’s could keep any costs paid to the village in conjunction with the project, he said.
Kohl's “has finalized plans to purchase the former InnoWare building” and has entered into an agreement to purchase the former ProHealth building.
The move would add about 360,000 square feet to corporate operations — an increase of 40% to its current space.
According to the letter to employees, all IT employees would move into the InnoWare building over the next two years. The space those employees leave behind will be used for “ongoing growth.”
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