The Menomonee Falls Village Board is to meet Friday in a closed session, apparently to discuss the village's possible role in helping finance the proposed sale of North Hills Country Club to accommodate a new headquarters for Kohl's Corp. and other future office developments.
This will be the fifth time since February the board has gone into closed session to discuss negotiations "with one or more owners or developers of lands within or adjacent to Tax Increment District #4," according to the meeting notices.
That tax district encompasses Woodland Prime business park, which is adjacent to North Hills, and would be expanded by buying the golf course.
A village board or common council is allowed to go into closed session to discuss real estate negotiations. However, actions must be taken in open session. That includes voting on a proposal to provide public financing for a development.
My colleague Doris Hajewski and I broke the story two weeks ago about the proposed expansion of Woodland Prime, and the planned relocation of Kohl's headquarters there.
The company's current headquarters is at N56-W17000 Ridgewood Drive, in Silver Spring Corporate Park, in Menomonee Falls.
Kohl's also operates an employee clinic near its headquarters, at W165-N5800 Ridgewood Drive, and a call center at N54-W13901 Woodale Drive, about two miles east of Silver Spring Corporate Park. The new headquarters could consolidate those operations, creating a massive development that would total several hundred thousand square feet.
Kohl's executives want enough land to handle the company's long-term growth, one commercial real estate source told me this week. That source also said he's heard the proposed sale price of North Hills is $30 million, the same rumored figure I've heard from club members.
The members of North Hills would need to approve the sale to the village, with a vote expected in early May. North Hills members would use some of the proceeds to buy and completely renovate Silver Spring Golf & Banquet Center, making it their new home.
If the sale happens, the redeveloped Silver Spring course, north of Silver Spring Drive and west of Lannon Road, would open in 2014. At that time, work would begin on converting portions of the North Hills property into the new Kohl's headquarters. Part of North Hills would be restored as a nature conservancy area, providing a buffer between the headquarters and nearby homes.
We'll have more information later at JSOnline.com and in Friday's Journal Sentinel, including some comments from Kohl's CEO Kevin Mansell.