Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R17, a Resolution of the City Council of the City of Port St. Lucie Approving an Economic Development Incentive Package for Costco Wholesale Depot Phase Two; Providing for Conflicts; Providing for Severability; and Providing an Effective Date
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Submitted By: Elijah Wooten, Economic Development Administrator.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): Costco Wholesale is a multinational distributor of a wide variety of consumer products and is seeking to build the second phase of their Costco Wholesale Depot in Port St. Lucie.
Presentation Information: A brief presentation will be provided by Elijah Wooten (Economic Development Administrator) and Kadian Knight (Director of Business Development, Economic Development Council of St. Lucie County).
Staff Recommendation: Move that the Council approve the resolution for the economic incentive package for Costco Wholesale Depot Phase Two.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the resolution for the economic incentive package for Costco Wholesale Depot Phase Two.
2. Move that the Council not approve the resolution for the economic incentive package for Costco Wholesale Depot Phase Two and provide staff direction.
Background: Costco Wholesale is a multinational distributor of a wide variety of consumer products and is currently constructing their Costco Wholesale Depot in Legacy Park at Tradition. The company intends to accelerate and expand into Phase Two of their development and will build a 1,060,490 square foot distribution and logistics facility, thereby investing $93,950,000 in real property and $15,000,000 in tangible personal property by December 31, 2030. The company will create one hundred fifteen (115) new full-time equivalent jobs over a three (3) year period paying an average wage ...
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