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Gov. Walker: Announces an agreement between Kohl’s and WEDC 7/19/2012 Contact: Cullen Werwie, 608-267-7303 Tom Thieding, 608-210-6767 tom.thieding@wedc.org Madison—Today Governor Scott Walker announced an agreement between Kohl’s and the Wisconsin Economic Development Corporation (WEDC), where WEDC will create an Enterprise Zone to provide up to $62.5 million in tax credits from the state of Wisconsin over 12 years to support Kohl’s long term growth. The actual amount of the tax credits received by Kohl’s over the 12- year period will be completely dependent upon the number of newly created jobs and the amount of Kohl’s capital expenditure. WEDC can designate Enterprise Zone Tax Credits for a project based on factors including the extent the project will increase employment in the state and contribute to the economic growth of the state and other factors. “Strengthening Kohl’s headquarters is good news for Wisconsin,” said Governor Scott Walker. “Not only is this a significant number of jobs, but it also signals that Wisconsin’s economic climate is improving.” The agreement has Kohl’s assuming ownership of approximately 100 acres of vacant land in the Woodland Prime office park in Menomonee Falls. Kohl’s will also acquire a small office building adjacent to the vacant land. This real estate will provide Kohl’s the opportunity to develop office space that would serve as a second corporate campus to support the company’s long-term business growth. Over the last decade, Kohl’s has continued to experience growth in sales and net income, as well as add jobs both nationally and locally – including nearly 3,000 corporate positions in Menomonee Falls. In exchange for the building and land, Menomonee Falls will assume ownership of Kohl’s 530,000-square-foot former distribution center located at N54 W13901 Woodale Drive in Menomonee Falls. The transaction is expected to close this fall. For up to three years following the closing of the property exchange, Kohl’s can elect to develop the vacant land as incremental office space. Following the development of a second campus, Kohl’s plans to continue operating its current headquarters at N56 W17000 Ridgewood Drive and credit service center located at N54 W13600 Woodale Drive in Menomonee Falls. Upon Kohl’s election to begin construction, the Village of Menomonee Falls will provide the necessary road improvements and up to $12 million, payable over several years, from the incremental tax revenue to be generated by the Kohl’s development. |
