Elliot from E.T. was in this movie, can't think of title

It’s been over 15 years since my mommy rented this movie. But I vaguely remember Elliot from E.T. riding his bike down some big hill to a pond and there was a monster in the pond that turned out to be a bulldozer–does that sound familiar to anyone? Or did my mom feed me 1 too many Cocoa Puffs that day?

Is it The Quest?

http://us.imdb.com/Title?0091810

Yeah, it was The Quest.