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Shelby council restores $500,000 cap on Menards tax-rebate agreement
Summary
The council voted to amend the Menards agreement (Oct. 12, 2021) to restore a $500,000 cap on the tax rebate, approving the amendment unanimously during the March 17 meeting.
On March 17 the Shelby City Council approved an amendment to the Menards tax-increment financing (TIF) agreement, returning the rebate cap to $500,000. The motion was made by Council member Karen Schlueter and seconded by Pat Honeywell; the minutes record a unanimous roll-call vote in favor.
The minutes state the parties desire to restore the $500,000 cap on the tax rebate and reference the original Menards Agreement dated Oct. 12, 2021. The council record does not include the amendment’s full text, the original rebate schedule, impacts on city tax revenues, or the parties’ names beyond Menards and the agreement date.
For full terms, impacts on tax revenues, and any timing for reimbursement or cap application, interested parties should consult the city’s TIF records or the amended agreement on file with the city clerk.
