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MIAMI TWP., Montgomery County — A $9 million Menards store development, complete with a waterfall, is planned south of the Dayton Mall, where a vacant Walmart and other stores still stand.
Menard Inc., the nation’s third largest home-improvement retailer, would raze most of the existing buildings in the Lyons Crossing shopping Center, at Lyons Road and Ohio 741, to make way for a 160,000-square-foot store employing about 120 workers, officials said.
On Tuesday, Miami Twp. trustees unanimously approved a development agreement with Menard pledging up to $1.5 million in tax-increment financing to the project. Officials project $2 million in annual payroll at the store.
While pledging 75 percent of the tax-increment financing to the project for the first 12 years, the township would retain 25 percent.
Menard officials declined to elaborate on their plans.
“We are still in negotiations,” company spokesman Jeff Abbott said in an email Tuesday.
Menard would make the initial investment and be reimbursed through the financing, according to the agreement.
As a result, Kristopher Wahlers, the lawyer representing the township, said the company stood to lose on its investments if it failed within five years.
“They’re taking that risk,” he said during a work session at the township government center, which is less than a mile from the development site and Dayton Mall.
The development is to be built on about 18 acres on the southeast corner of Lyons and Ohio 741.
It sold for $3.5 million on April 18, according to Montgomery County property records.
Once valued at $14.5 million, Lyons Crossing was recently sold at auction for $1.5 million, Township Administrator Greg Hanahan said at an earlier meeting. After demolition, the property would be revalued to include the building and other improvements, he said.
While most of the existing structures would be demolished, the building housing Kings Furniture is to remain, officials said.
Local developer RG Properties is the current owner, company founder Randy Gunlock said earlier this month. Property records show the April 2011 sale was from Lyons Crossing LLC to Springboro Crossing LLC.
It was unclear if Menard Inc. would lease or purchase the land.
Based in Eau Claire, Wis., the family-owned company, started in 1960, operates more than 260 stores in 12 states.
In Ohio, there are already Menards stores in Fairfield Twp. in Butler County, Tipp City in Miami County and in Sidney, Celina and Lima.
Contact this reporter at (937) 225-2261 or lbudd@DaytonDailyNews.com.
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