Pearland City Council unanimously approved a pair of agreements with Costco at its meeting April 13, paving the way for a new store to open in October at the northwest corner of Hwy. 288 and CR 59.
A new Costco is expected to open in October in Pearland.[/caption]
The necessary agreements include the city refunding 50 percent of the 1 percent of Costco's sales tax revenue collected for a period no longer than 10 years or an amount greater than $750,000 total. Conservative sales projections estimate that rebate will last just longer than six years, according to officials.
Costco requested the agreements because of Pearland's trade area size, business density count and the associated cost of construction.
The final stipulation involved the Pearland Economic Development Corporation reimbursing Costco for the needed infrastructure improvements associated with the site on Business Center Drive. The PEDC agreed to pay Costco $246,827 when the business invests $30 million, receives a certificate of occupancy and creates 153 jobs at the Pearland location. The PEDC has been trying to attract Costco since late 2013, officials said.
The new Costco will be a 150,000-square-foot facility with an attached tire center and also a fueling station. The store will create approximately 150 jobs, with an estimated total investment of $33.7 million.
The membership-based warehouse store sells a variety of goods, including appliances, furniture and groceries. Costco is the second largest retailer in the United States—and third biggest in the world—as of 2014, according to Pearland officials.
A new Costco is expected to open in October in Pearland.[/caption]
The necessary agreements include the city refunding 50 percent of the 1 percent of Costco's sales tax revenue collected for a period no longer than 10 years or an amount greater than $750,000 total. Conservative sales projections estimate that rebate will last just longer than six years, according to officials.
Costco requested the agreements because of Pearland's trade area size, business density count and the associated cost of construction.
The final stipulation involved the Pearland Economic Development Corporation reimbursing Costco for the needed infrastructure improvements associated with the site on Business Center Drive. The PEDC agreed to pay Costco $246,827 when the business invests $30 million, receives a certificate of occupancy and creates 153 jobs at the Pearland location. The PEDC has been trying to attract Costco since late 2013, officials said.
The new Costco will be a 150,000-square-foot facility with an attached tire center and also a fueling station. The store will create approximately 150 jobs, with an estimated total investment of $33.7 million.
The membership-based warehouse store sells a variety of goods, including appliances, furniture and groceries. Costco is the second largest retailer in the United States—and third biggest in the world—as of 2014, according to Pearland officials.
