MIDLAND, Texas — The City of Midland has announced the development of a new Costco location!
These were the details listed on the City of Midland Facebook page:
Project Overview:
- Located in west Midland.
- 174,000 square foot facility.
- $50 million capital improvement.
- 100 full-time equivalent jobs.
Construction Schedule:
- Construction is set to begin on or before, June 1, 2025.
- Construction is expected to be completed on or before, August 31, 2026.
Midland Development Corporations Obligations:
- The MDC will reimburse for infrastructure and site improvements related to the development.
- MDC's reimbursement will not exceed $6,502,544.00.
Reimbursement Schedule:
- MDC will reimburse $2,167,544.67 when construction of Costco is complete.
- MDC will reimburse $2,167,544.67 when Costco certifies that 100 new full-time equivalent jobs have been created in Midland and have maintained jobs for one year.
- MDC will reimburse $2,167,544.67 when Costco certifies that 100 full-time jobs have been maintained for two years.
It was noted that as a Type A corporation, the MDC can make expenditures for infrastructure and site improvements necessary to develop business enterprises.
City's Obligations -
Property Tax Rebate:
- City will rebate 50% of its portion of real and personal property tax revenue for 20 years after receipt of certificate of occupancy.
Sales Tax Rebate:
- City will rebate half of the total local sales and use tax receipts generated for 30 years after receipt of certificate of occupancy.
Permit Fee Rebate:
- City will provide a one-time rebate of development and building permit and inspection fees.
