Dallas, Texas 03/28/2014 (FINANCIALSTRENDS) – Costco Wholesale Corporation (NASDAQ:COST) is now proposing a new $30M location in Woodlands which is expected to cover around 150,000 square-feet & bring at minimum of 75 new jobs to this community. To sweeten this deal, The Woodlands Township-Board of Directors has also agreed to grant Costco Wholesale Corporation (NASDAQ:COST) $2.3M plus the interest to be funded with the sales tax receipts that are created by this business.
The amount that will be committed to this project is now limited to 1 half of 1 percent of the general sales-tax that is collected from Costco Wholesale Corporation (NASDAQ:COST)’s taxable sales said the Township GM Don Norrell, during the regular meeting of the board on Wednesday night. Norrell added that once the grant agreement has been fulfilled; all its sales tax will then go to their township.
As per the development agreement, Costco Wholesale Corporation (NASDAQ:COST) will fund its land purchase, site-development and the construction costs.
The company board has unanimously approved the Economic Development Agreement. This facility is planned for the north- east corner on Texas’ 242 & the Interstate 45. This facility will now be for both the warehouse and the retail sales, said Norrell. This project is expected to attract the future business & the commercial development within this area as well as generate a significant amount of addition sales-tax revenue. Norrell also said that Costco Wholesale Corporation (NASDAQ:COST) is expected to now close this property deal next month & then have this store open by Nov.
It is going to be very good news to all of the residents, said Bruce Tough, the Board Chairman. It is another great-entity moving into the Woodlands. As per the Costco Wholesale Corporation (NASDAQ:COST) website, they have 5 locations in this Houston area. Currently, the nearest-location to The Woodlands is the one at Willowbrook, 12405 N. Gessner Road.