Homewood trustees unanimously approved two measures Tuesday that are designed to enable Menards to expand its store on Halsted Street — and remain in Homewood.
Village Manager Jim Marino said Menards approached the village in 2012 to inquire about the possibility of obtaining property currently owned by Homewood and the Village of Thornton. Menards officials indicated they planned to consider relocating its store if expansion could not be achieved.
The first vote approved an intergovernmental agreement with Thornton. Thornton trustees are expected to consider the agreement at their May 4 meeting, according to Homewood Village President Richard Hofeld.
In the agreement, both villages will vacate streets on their property and will sell the property to Menards. Homewood agreed to vacate 175th Street from Halsted east to the curve that becomes Brown Derby Road.
If Thornton trustees approve the agreement, the village will vacate Brown Derby Road east of Menards.
The villages anticipate increased sales tax as a result of the expansion, and Homewood agreed to share 65 percent of the increased revenue or $35,000 per year, whichever is greater, with Thornton. The sales tax sharing agreement will begin one year after the expansion is complete and continue for 20 years.
The expansion project is not expected to be completed before January 2017, according to Marino, so the earliest the tax sharing agreement would go into effect would be 2018.
In addition to the agreement, Homewood trustees approved an ordinance selling the village’s portion of 175th Street to Menards for fair market price, $174,000.
Trustees all expressed support for the measures.
“I think Menards is an asset to our community,” said Trustee Barbara Dawkins. “I’m glad we’re getting this done.”
Trustee Ray Robertson lauded Marino for the hard work he put in negotiating the agreement with Thornton and working with Menards. Hofeld added his thanks to Thornton Mayor Bob Kolosh, Village Administrator Doug Beckman and former Glenwood Mayor Kerry Durkin.