Menards project approved with $1.6 million tax incentive
A 162,340-sq.-ft. Menards has received final approval in Howard, Wis., outside of Green Bay, in a controversial deal that included $1.6 million in tax incentives, according to an article in the Green Bay Press Gazette.
A divided Village Board voted 5 to 4 on June 27 to give the Midwestern home improvement chain $1.6 million in tax reimbursements over 15 years, provided the property remains valued at more than $8.7 million (its current estimated value) for the duration of that period.
The incentive package will not come directly from the village coffers. Instead, the village will pay 80% of Menards' annual real estate taxes generated under “increased taxes resulting from development” assessment.
The store will be built on 18.7 acres near U.S. 41. The main building will include 94,432 sq. ft. of retail space, 64,157 sq. ft. of warehouse and 3,751 sq. ft. for offices. There also will be a separate 42,352-sq.-ft. lumber warehouse. The development will include 428 parking spaces.
Menards is headquartered in Eau Claire, Wis., and has more than 260 stores in 13 states, including two stores currently in the Green Bay area.