HomeMy WebLinkAbout25-097 RESOLUTION 2025-97
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY APPROVING CERTAIN INCENTIVES ON
BEHALF OF COSTCO WHOLESALE CORPORATION FOR THE
PHASE TWO EXPANSION OF THE COSTCO DEPOT.
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the
following determinations:
1. Costco Depot Phase Two is an expansion of a St. Lucie County's Targeted Industry, a
national distributor of a wide variety of consumer products.
2. Costco Depot Phase Two desires to expand its current facility in Port St. Lucie. This
phase includes one million square feet of distribution facilities on 200 acres.
3. In addition to a generous benefits package, Costco Depot Phase Two earnings per
worker is above the average earnings for St. Lucie County.
4. Costco Depot Phase Two possesses a strong corporate culture of continual in-house skill
building, cross-training and advanced career opportunities and is a desired employer in the region.
5. Costco Depot Phase Two includes potential construction of a distribution and logistics
facility with an investment of$93,950,000.00 for the facility and $15,000,000.00 in equipment.
6. Costco Depot Phase Two will include approximately one million square feet of new
distribution and logistics facility and the creation of 115 new full time equivalent ("FTE")jobs with
an average annual wage of $55,350.00. The employment schedule consists of 85 new FTE jobs
in Year 1: 15 new FTE jobs in Year 2 and 15 new FTE jobs in Year 3.
7. St. Lucie County is offering a collaborative incentive package to Costco Depot Phase
Two in partnership with the City of Port St. Lucie for the benefit of the residents of St. Lucie
County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St. Lucie
County, Florida, that in consideration of the benefits gained by the residents of St. Lucie County
through the development of Project EVEREST new facility, the following incentives are offered:
A. St. Lucie County Job Growth Incentive Grant (JGIG) - The Board authorizes County
staff to prepare a JGIG agreement with Costco Depot Phase Two for the creation of 115 new
FTE jobs pursuant to the Job Growth Investment Grant guidelines.
B. St. Lucie County Ad-Valorem Tax Exemption on New Real Property and Tangible
Personal Property: The Board authorizes County staff to assist Costco Depot Phase Two in
the application for a 10-year ad valorem tax exemption as described in the County's
Economic Development Ad Valorem Tax Exemptions program. The exemption is valued at
60%for Years 1-3, 40% for Years 4-6, and 20% for Years 7-10 for consideration by the Board
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in accordance with Section 42-46, St. Lucie County Code of Ordinances and Compiled Laws.
C. St. Lucie County Road Impact Fee Mitigation (IFM): The Board authorizes County staff to
prepare an Impact Fee Mitigation Agreement with Costco Depot Phase Two and/or its
subsidiaries or successors for the creation of 115 new FTE jobs pursuant to St. Lucie County's
Impact Fee Mitigation Program guidelines.
D. After motion and second, the vote on this Resolution was as follows.-
After motion and second, the vote on this resolution was as follows:
Commissioner Jamie Fowler, Chair AYE
Commissioner Larry Leet, Vice Chair AYE
Commissioner James Clasby AYE
Commissioner Erin Lowry AYE
Commissioner Cathy Townsend AYE
PASSED AND DULY ADOPTED 211 day of April, 2025.
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ATTEST: ,? ARD OF COUNTY COMMISSIONERS
p LUCIE COUNTY, FLORIDA
oil, BYr_
DEPUTY CLERK CHAIR
APPROVED AS TO LEGAL FORM AND
CORRECTNESS:
COUNTY ATT, EY
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