Costco coming to OK City

March 9, 2018 by  

On February 27, the city council of Oklahoma City agreed to start discussions on bringing a Costco store to the area.

The vote ended with seven in favor and two against an incentive for economic development totaling $3m based on performance. It is a reimbursement for sales tax, which the store will earn over a span of years. Costco will earn the 2.25% sales tax from the city, not from the other taxes charged to customers like the zoo tax, the Better Streets, Safer City tax, and the public safety sales tax. It will also earn only new tax, which is about 78 cents per $100 spent at the store.

The Economic Development Trust for Oklahoma City now has the power to compromise with Costco for development. According to Brent Bryant, the project manager for the economic development of Oklahoma City, this was only the approval stage to start negotiations, and discussions are still required before the compromise can be finalized.

A memo from the meeting said that the southeastern corner of the John Kilpatrick Turnpike and Western Avenue is the estimated location for the 1500,000 square-foot commercial development that Costco will put $15m into. If an agreement is reached, the new Costco will be open for business by April of next year.

Print shops could create signs for the new Costco as it is being built.