Georgetown to reimburse 50% of Costco sales taxes per deal

This rendering depicts the northwest perspective of the Costco planned for Georgetown. (Courtesy city of Georgetown)
This rendering depicts the northwest perspective of the Costco planned for Georgetown. (Courtesy city of Georgetown)

This rendering depicts the northwest perspective of the Costco planned for Georgetown. (Courtesy city of Georgetown)

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This map shows the tract of land on which the Costco is intended to be built. (Courtesy city of Georgetown)
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The Costco site plan includes space for possible restaurants. (Courtesy city of Georgetown)

Costco intends to develop a 150,000-square-foot retail store within five years at the northwest corner of I-35 and Lakeway Road in Georgetown, Georgetown Economic Development Director Michaela Dollar said.

City Council approved an economic sales tax incentive agreement with Costco at its Dec. 10 meeting. According to that agreement, upon completion of the project the city shall reimburse 50% of the sales taxes paid to the city’s general fund by Costco back to Costco annually.

The reimbursement will be paid from the city’s general fund with a maximum of $2 million or 10 annual reimbursements, whichever occurs first, city documents said.

The agreement requires Costco to make a minimum capital investment of $20 million, including facility and public improvements, adhere to city codes and standards, and see completion of construction within five years.

Costco is expected to be one of the largest sales tax producers for the city with a 10-year net benefit of about $11 million, according to Dollar.

She said along with the retail store, the Costco development will include two public roads and the creation of multiple out-lots that could serve as potential restaurant pad sites.

The item passed 5-1 with District 3 Council Member Mike Triggs voting against it.

By Sally Grace Holtgrieve

Sally Grace Holtgrieve solidified her passion for news during her time as Editor-in-Chief of Christopher Newport University's student newspaper, The Captain's Log. She started her professional career at The Virginia Gazette and moved to Texas in 2015 to cover government and politics at The Temple Daily Telegram. She started working at Community Impact Newspaper in February 2018 as the Lake Travis-Westlake reporter and moved into the role of Georgetown editor in June 2019.


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