Menards is hoping to expand an existing mega store in Tinley Park, Ill. according to an article in the TribLocal, adding 110,000-square feet to its 202,000-square foot building and 148,000-square-foot lumberyard. The grand total – 360,000 square feet – would make the store the largest unit in the Midwestern home improvement chain.
The deal is dependent on a $1 million incentive deal from the Village of Tinley Park, which would allow the retailer to purchase a nine-acre parcel, including the Southtown Star building. Aaron Morrissey, a real estate representative with Menards, said the company plans to use the building and extra space to expand its lumber yard and create a new garden center to attract more business.
The cost of the expansion project is estimated to be $4 million.
Eau Claire, Wis.-based Menards is requesting a new sales tax incentive agreement from Tinley Park that would allow it to collect half of any new sales tax revenues each year for the next 10 years with a ceiling of $1 million. The sharing agreement would only apply to sales tax revenues above the base amount of $288,000, which will all still go to municipal coffers.
The retailer has already gained approval from the Finance and Economic Development Committee, according to the news report. It must now go before the full board of Tinley Park for a vote next week.