Despite some local rumors, Hy-Vee still plans to open a grocery store in Monmouth.
The Iowa-based supermarket chain bought the former Shopko property at 1190 N. 6th St. in 2020, but the building remains empty.
City Administrator Lew Steinbrecher said Hy-Vee has no intention of selling the property, which is in a Tax Increment Financing district meant to spur redevelopment.
“But because of the construction cost increases and some of the other projects they had in the queue, they cannot provide us with a construction schedule,” Steinbrecher.
Hy-Vee’s plans include remodeling the interior and exterior of the 60,000 square-foot building.
TIF districts capture incremental property tax revenue to provide incentives for new businesses in blighted in underdeveloped areas.
Through this TIF district, Hy-Vee could receive up to $1 million in reimbursement for eligible costs including purchasing the building and renovating it.
If the project moves forward, it would be the third grocery store at that intersection, adding to a County Market and a Fareway that opened in 2019.
The Monmouth Shopko closed in 2019, after the company declared bankruptcy.
Hy-Vee has purchased other closed Shopko stores in Iowa and converted them into grocery stores.
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