In a move to secure the construction of a new 150,000 square foot Costco outlet, members of the Longmont City Council have approved an incentives package worth just over $12.5 million.
Longmont and Costco officials have been engaged in ongoing talks for months now with the hope of seeing the chain build on a nearly 50-acre site on the south side of the city near the suburban Harvest Junction South neighborhood.
The project will also see the construction of a fueling station.
In a statement, City Manager Harold Dominguez said the incentives package “is required for Costco to locate in Longmont specifically and very similar to other agreements along the Front Range.”
The package will include nearly $6.2 million in site development costs.
If all of the final details can be worked out, the project will launch sometime in 2021, with an anticipated early completion date of the summer of 2023.
Based in Issaquah, Washington, the Costco Wholesale Corporation is the second largest retailer in the world, next to Walmart, with annual revenues in excess of $152 billion.
With a growing presence in the West, the membership-only Costco currently has around 35 locations in Arizona, Colorado, and New Mexico.
The company’s locations typically measure anywhere from 73,000 to 205,000 square feet, with an average store size coming in at 144,000 square feet.
By Garry Boulard
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