The Loves Park City Council voted unanimously in favor of extending retailer Costco a tax incentive Monday night, in hopes of finalizing a deal to bring a store to the area.
A new hospital may not be the only major facility to open up along East Riverside Blvd, near I-90: tonight’s vote has been four years in the making. Part of the negotiation to get Costco to Loves Park is a $4 million tax rebate to the retailer.
“Sixty-percent of the sales tax rebate Loves Park receives will be going back to Costco ’til it hits the $4 million mark,” said Loves Park Mayor Greg Jury.
Mayor Greg Jury believes that will pay for itself within 10 years. He believes Costco will draw shoppers from up to an hour away, and will add a lot of local jobs as well.
“Costco is probably the best employer when it comes to retailers,” Jury said. “They pay full benefits, very competitive. The wages they pay are very comparable to people working in the manufacturing industry.”
Costco is expected to take over the site as early as November, with the store up and running as soon as summer 2019.