AUSTIN, Texas — Costco plans to open a new store in Georgetown later this year.
The project has been in the works since 2019. Now, state records show the $13 million store will be near Interstate 35 and Lakeway Drive.
The 158,000 square foot store is expected to bring 235 new jobs and bring the city more than $11 million over 10 years, according to plans presented to the Georgetown City Council in 2019.
The City of Georgetown said the store is expected to help increase spending within Georgetown, instead of residents going elsewhere to shop.
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In 2019, former Georgetown Mayor Dale Ross said the deal was a big economic win for the city.
"This Costco store in Georgetown will provide a significant sales and property tax benefit to the City, which will help to fund City services such as public safety, the library and parks and recreation,” Ross said. "In addition, this store will increase our options and allow us to make more of our purchases here in Georgetown. Costco's reputation as a quality employer means they will be providing good jobs for their employees, many of whom will be hired locally."
The council approved a $2 million reimbursement for two public roads associated with the Costco project. The funding for this is from Georgetown's dedicated 0.5% sales tax for transportation projects for economic development.
The council also approved a sales tax reimbursement agreement in which the city will reimburse half of the sales taxes paid to Costco Wholesale annually, limited to a maximum of $2 million or 10 annual payments.
Funding for natural gas infrastructure was also approved by the council in 2019. A new gas line was estimated to cost a total of $1.2 million – $400,000 of the cost provided by the Georgetown Economic Development Corporation and the rest funded by Atmos Energy.
Costco also plans to open a location in Kyle at the end of this month. It's along I-35, near Kyle Crossing. The gas station connected to that store opened on Wednesday.
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