Costco will build in the Crown Point development southeast of E-470 and South Parker Road near Parker Adventist Hospital. Town council unanimously voted April 16 to approve the incentive agreement, which will share back sales, use and excise taxes over a maximum of nine years.The incentive is the largest Parker has granted, eclipsing the $6.1 million economic sales tax break given to Super Target in June 2005.
Town administrator Jeannene Bragg said the incentive package not only will bring in Costco to fill a service gap, but "help spur additional retail on the north end of town."One of town council's goals for economic development is to "provide incentives and support to encourage" the development of key community services that are lacking in Parker, including a book store, retail membership outlet and family entertainment venues, according to a memo to council from Bragg.
Crown Point also will receive a maximum of $3.6 million in tax incentives. The agreement is part of an amendment to an existing sales tax incentive package approved by town council several years ago, the memo says. Parker will retain a portion of future sales tax for general fund use. Costco must still go through Parker's development review process, and the incentive agreements are dependent upon the opening of a Costco store in Crown Point.
Tim Leonard, a representative for the Crown Point development, said his clients have been in discussions with Costco for more than three years. Costco, a Washington-based corporation, is hoping to open the store by Christmas.Ben Snow, executive director for the Parker Economic Development Council, said the planned location for Costco is of "critical geographic importance" in terms of future commercial development.Town council member Gary Lasater said that incentive packages are not awarded to everyone and said a retail membership warehouse was listed in a gap analysis of Parker.
Town council member Tracy Hutchins said "it is a lot of money" to grant in sales tax incentives, but town council has a "vested financial interest" to accommodate the needs and wants of Parker consumers. Hutchins said she respects the free enterprise system in Parker because it allows for competition in the marketplace.The town will share back 60 percent of sales tax collected at Costco during each one-year period of the agreement until the town has paid $4 million to the retailer. Once the $4 million is collected, the town will share back 80 percent of sales tax until Costco receives $8 million. Parker will share back all of the excise taxes once a certificate of occupancy is issued.Town council is giving $3.6 million in sales tax incentives to Crown Point for discounting the purchase price of the Costco property.
Contact Chris Michlewicz at 303-841-5497 or cmichlewicz@ccnewspapers.com.
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