GEORGETOWN, Texas (KXAN) — The global wholesale warehouse retailer Costco is headed to Georgetown, the city said Thursday.
The Georgetown City Council approved agreements Tuesday with the retail giant, and it paves the way for Costco to open a 158,000 square-foot store within five years.
The store will be located at the northwest corner of Interstate Highway 35 and Lakeway Drive, and the city says it will be the only Costco between the Dallas metro area and the northern Austin suburbs.
“This Costco store in Georgetown will provide a significant sales and property tax benefit to the City, which will help to fund City services such as public safety, the library, and parks and recreation,” Georgetown Mayor Dale Ross said. “This is a big economic development win for our community, and we look forward to welcoming Costco to Georgetown.”
The city says Costco is expected to create 235 new jobs and a net benefit of more than $11 million over 10 years.
Once the store is built, the city agreed to reimburse Costco 50% of the total sales tax annually (with a cap of $2 million or 10 annual payments, whichever occurs first). It will also reimburse up to $2 million for two roads for the project.