Site Selection Specialist Strikes Deal With Kohl's

MISSION VIEJO, CA-Location Management Services has landed a contract to negotiate and manage state and local incentives for Kohl's Corp., according to Jim Renzas, founder and CEO of LMS. Renzas says the contract is a multiyear deal with the Menomonee Falls, WI- based chain of department stores. As Kohl's identifies new potential sites for its stories, LMS will help the chain to identify and negotiate available state, local and federal tax credits and incentives for job creation and investment, Renzas says. The strategy is designed to help Kohl's to lower the cost of establishing new stores and reduce long-term operating costs, Renzas explains. Companies that don't look into such incentives "leave behind billions in unclaimed incentives and tax credits" every year, according to Renzas. He notes that Kohl's, which operates more than 670 stores nationwide, plans to open 500 more within the next five years. By the end of fiscal year 2010, Kohl's plans to operate more than 1,200 stores, according to public documents filed by the company. The expansion plans will include all-new construction as well as acquired locations in suburban markets, small communities and cities. Renzas founded Location Management Services in 2002 in answer to the burgeoning number of state, local and federal incentives and tax credits that are available to corporations. The credits and incentives can present a bewildering array of choices, including state and federal tax and hiring credits, enterprise zone incentives, investment tax credits, reimbursement for relocation costs, financing assistance and a host of other incentives. LMS also monitors the incentive packages that it negotiates to ensure that all parties comply with the terms of the packages. The company says that monitoring compliance is "critical" to the success of incentive programs and is just as important as negotiating the deals. Typically, more than 50% of all negotiated incentives are never collected because corporations fail to follow up to ensure compliance, according to the LMS web site.