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12/11/19 – Here’s a news release from the city titled “Costco plans store for Georgetown.” (We added the numerals.)
1. Agreements related to a planned Costco Wholesale warehouse at the northwest corner of Interstate 35 and Lakeway Drive in Georgetown were approved by City Council at their meeting on Dec. 10. Costco is planning to open a 158,000 square-foot store at the location within five years.
2. The business is expected to create 235 new jobs and a have a net benefit to the City of more than $11 million over 10 years. The City’s return on investment is expected to exceed the cost of incentives within three years.
3. The Costco store in Georgetown is expected to increase the proportion of purchases by residents inside the city and reduce the city’s retail leakage to nearby cities. A 2016 study showed that Georgetown households spent only 32 percent of their total annual spending at local businesses.
In addition, the Costco location is anticipated to attract shoppers from northern communities outside of the Austin metro region since there is currently no other Costco store between Georgetown and the Dallas metro area. Additionally, it will be the only Costco located on Interstate 35 in the region.
4. “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,” Mayor Dale Ross said. “In addition, this store will increase our options and allow us to make more of our purchases here in Georgetown. Costco’s reputation as a quality employer means they will be providing good jobs for their employees, many of whom will be hired locally. This is a big economic development win for our community, and we look forward to welcoming Costco to Georgetown.”
5. At the meeting last night, the council approved the reimbursement of up to $2 million for two public roads for the Costco project. Funding by the Georgetown Transportation Enhancement Corporation for the roads is from a dedicated 0.5 percent sales tax in Georgetown for transportation projects for economic development. The Costco site will include a minimum of $20 million in capital costs for the project including the facility and public improvements.
6. A second item that was approved is a sales tax reimbursement agreement. Once the project is complete, the City will reimburse 50 percent of the sales taxes paid to Costco Wholesale annually. The reimbursements from the City’s general fund are limited to a maximum of $2 million total or 10 annual payments, whichever occurs first.
7. A third and fourth Costco-related item will fund natural gas infrastructure needed for the new store. A new gas line to serve the store is estimated to cost $1.2 million. A $400,000 portion of the cost of the gas line would be funded by the Georgetown Economic Development Corporation, which receives funding from a 0.125 percent sales tax revenue dedicated for economic development. The remainder of the line extension cost would be funded by Atmos Energy.
8. A fifth item related to Costco that was approved is the second and final reading of the proposed planned unit development zoning for the future store.
11/18/19 – From the City Docs, On 11/12/2019 the Planning and Zoning Commission held a public hearing and made a recommendation to the City Council to approve the PUD for the development of a Costco Wholesale membership warehouse facility including a Fuel Center, Tire Sales, Liquor Sales, Pharmacy and other components of a typical Costco Wholesale membership warehouse.
In addition, several out lots are created for future Commercial/Retail development. This was the first reading.
The second reading of the planned unit development zoning will be on the city’s Nov. 26 agenda.
“After rezoning, assuming it’s approved, there will be a long planning and permitting process and then, at COSTCO’s discretion, construction can begin.” ~Councilman Steve Fought
We will keep you posted.
You can see the site map and artists renderings below.
11/7/19 – From Costco’s Documents for the Meeting – “The purpose of this PUD is for the development of a Costco Wholesale membership warehouse facility including a Fuel Center, Tire Sales, Liquor Sales, Pharmacy and other components of a typical Costco Wholesale membership warehouse. In addition, several outlots are created for future Commercial/Retail development.”
More from Costco’s Documents for the Meeting – “Costco upon approval will develop a member’s only retail warehouse with approximately ±157,931 SF along with an attached tire center and both a liquor sales pod and Optical Exam pod area. In addition, a free standing 24 fueling position fueling facility will be developed on the Project Site. The Costco warehouse and fuel facility would employ approximately 200 to 250 people both full and part time. Currently the proposed PUD site plan consists of the proposed Costco Warehouse parcel as well as seven (7) outlots, two detention areas and two new roadways.”
Here are some images we found showing the location of the property, the location of the building on the property, a Future Land Use Map, and an artists rendering of the completed store front.
Tap any image for larger view and slide show.
Info from the City of Georgetown. Source
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August 2019 – Looks like there’s a Costco in the works for Georgetown!
The location under consideration is the 34 acres at the northwest corner of Lake-way and IH-35, just south of Holt Cat.
The City will be working with Costco Wholesale Group on the project and it will come before the city’s Planning and Zoning Commission soon.
August info From the Williamson County Sun
We’ll keep you posted!