MONROE - Menard, Inc. is requesting a new cost reimbursement agreement with the City of Monroe.
Tom O'Neil, real estate management associate at Menard's general office in Eau Claire, said the company wants to "reaffirm" the cost reimbursement agreement with the city.
"We want to be sure the approvals don't lapse," O'Neil said.
The request indicates that Menard is "poised" to build its new large-scale retail store on the city's north side, at the intersection of Wisconsin 69 and Wis. 11/81, but no time frame is known, according to City Attorney Rex Ewald.
Menard has not yet started building because of the uncertainty in the economy, O'Neil said.
"Things just didn't go the way we originally envisioned," he said. "A year after, the original time frames are not realistic."
There are no economic indicators that Menard would use to indicate when the time would be right to start building, O'Neil added.
The City of Monroe Finance and Taxation Committee will discuss the approval of the new agreement and the Common Council is scheduled to approve the agreement at its regular meeting Tuesday.
Ewald notified the city in December 2008 that Menard had terminated its reimbursement agreement and that no further charges were to be billed to the company.
"The first cost reimbursement agreement was related to the initial approval terms," Ewald said.
Under the Planned Unit Development agreement, Menard had a two-year window to build, following the city's Common Council approval of the plan Jan. 15, 2008.
Because the development deadline will not be met, Menard will "come back to request an extension of the deadline," Ewald said.
O'Neil said Menard will be back with a request for an extension of the PUD at a Plan Commission meeting in October.
That action triggers the need for a new cost agreement with Menard, but there is no fundamental difference between the two agreements, Ewald added.
However, the new agreement "does not provide for a terminating date," Ewald said.
If the site is not developed under the new agreement, the council approval will be null and void, and construction of the project may proceed only if the project is resubmitted for approval and approved by council.
All four houses that were built on the site have been moved.
Tom O'Neil, real estate management associate at Menard's general office in Eau Claire, said the company wants to "reaffirm" the cost reimbursement agreement with the city.
"We want to be sure the approvals don't lapse," O'Neil said.
The request indicates that Menard is "poised" to build its new large-scale retail store on the city's north side, at the intersection of Wisconsin 69 and Wis. 11/81, but no time frame is known, according to City Attorney Rex Ewald.
Menard has not yet started building because of the uncertainty in the economy, O'Neil said.
"Things just didn't go the way we originally envisioned," he said. "A year after, the original time frames are not realistic."
There are no economic indicators that Menard would use to indicate when the time would be right to start building, O'Neil added.
The City of Monroe Finance and Taxation Committee will discuss the approval of the new agreement and the Common Council is scheduled to approve the agreement at its regular meeting Tuesday.
Ewald notified the city in December 2008 that Menard had terminated its reimbursement agreement and that no further charges were to be billed to the company.
"The first cost reimbursement agreement was related to the initial approval terms," Ewald said.
Under the Planned Unit Development agreement, Menard had a two-year window to build, following the city's Common Council approval of the plan Jan. 15, 2008.
Because the development deadline will not be met, Menard will "come back to request an extension of the deadline," Ewald said.
O'Neil said Menard will be back with a request for an extension of the PUD at a Plan Commission meeting in October.
That action triggers the need for a new cost agreement with Menard, but there is no fundamental difference between the two agreements, Ewald added.
However, the new agreement "does not provide for a terminating date," Ewald said.
If the site is not developed under the new agreement, the council approval will be null and void, and construction of the project may proceed only if the project is resubmitted for approval and approved by council.
All four houses that were built on the site have been moved.