| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
December 10, 2019 |
| | | | | | | | SUBJECT:
Consideration and possible action to approve an economic development sales tax incentive agreement with Costco Wholesale Corporation -- Michaela Dollar, Economic Development Director
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| | | | | | | | ITEM SUMMARY:
Costco Wholesale Corporation is completing a Planned Unit Development (PUD) entitlement on land generally located at the northwest corner of Interstate 35 and Lakeway Road in Georgetown. The company intends to develop the property and construct a 150,000 SF Costco retail store within five years.
Upon completion of the project, the City shall reimburse 50% of the sales taxes paid to the City’s General Fund to Costco Wholesale annually. The reimbursement will be paid from the City’s General Fund with a maximum of $2,000,000, or 10 annual reimbursements, whichever occurs first.
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| | | | | | | | FINANCIAL IMPACT:
$2,000,000 sales tax reimbursement incentive from the General Fund |
| | | | | | | | SUBMITTED BY:
Michaela Dollar, Economic Development Director |
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