MENOMONEE FALLS -- Kohl's Corp. said Thursday, July 19th it has reached a property agreement with the Wisconsin Economic Development Corporation (WEDC) to keep its headquarters in Menomonee Falls. The company is planning a big expansion in the Falls, which could mean thousands of jobs.
WEDC has agreed to create an Enterprise Zone to provide up to $62.5 million in tax credits from Wisconsin over a 12-year period to support Kohl's long-term growth.
The amount of tax credits received by Kohl's over the 12-year period will depend on Kohl's capital expenditure and the amount of newly created jobs.
The department store chain will take ownership of about 100 acres in Woodland Prime, a Menomonee Falls business park. Kohl's will also acquire a small office building adjacent to the land.
In exchange, Menomonee Falls will assume ownership of Kohl's former distribution center in the village. The company says it plans to build a second corporate campus on the vacant land and continue to operate its current headquarters in Menomonee Falls. Currently, nearly 3,000 people work at Kohl's headquarters.
Kohl's CEO Kevin Mansell says the company has always preferred to stay in Wisconsin, but needed time to study options, including a move outside the state. The transaction is expected to close this fall.
Stacey Vogel Davis with Milwaukee's Business Journal spoke with Mansell Thursday morning.
"It is a huge deal because first of all, they are keeping all of the existing employees in Menomonee Falls. It is about 3,000 who work in Menomonee Falls and more who work at other sites," Vogel Davis said.
The company has not been shy about shopping around, looking at potential sites outside of Menomonee Falls. Talks about the company moving into Milwaukee's Park East Corridor broke off over the winter. Kohl's also explored options out of state.
"He said that was their responsibility to shareholders, and their customers, but at the end of the day they really wanted to stay in Wisconsin and they especially wanted to stay in Menomonee Falls," Vogel Davis said.