Costco resolution advances to City Council

A resolution recommending a $3 million tax incentive to bring Costco to Oklahoma City was unanimously approved Tuesday by the Oklahoma City Economic Development Trust.

The matter will be passed to the Oklahoma City Council, to be considered at next Tuesday's city council meeting, Oklahoma City Economic Development Project Manager Brent Bryant said.

The resolution authorizes the trust's general manager or designee to negotiate an economic development agreement with Costco to support the development of a Costco in Oklahoma City. The proposed location is near the intersection of N Western and the Kilpatrick Turnpike.

Costco plans to invest about $15 million or more for the construction of approximately 150,000 square feet of commercial space, according to a memo attached to the meeting agenda. The business expects to employ 150 part-time and full-time employees and expects to open by April 2019.

Costco is known for its warehouse-style bulk shopping experience. It originated in San Diego in 1976 and currently has 500 stores in the United States. The closest current stores to Oklahoma City are in Tulsa and Lenexa, Kansas.

Oklahoma City staff project Costco will generate about $600,000 to $1.1 million annually in new City General Fund sales tax in its first six years of operation. The city's general fund budget for FY 2018 is $404 million.