At a called meeting Tuesday, the Oconee Board of Commissioners approved several resolutions involving the sale of bonds not to exceed $16 million and property tax abatement for 15 years as incentives for Costco to locate a 155,146-square-foot store adjacent to Hobby Lobby in Epps Bridge Centre II.
The store is slated to open in mid-2022.
County Attorney Daniel Haygood explained that the development is expected to bring in $3 million in sales tax revenue per year with $1 million of that going toward the incentives. If voters approve a transportation special purpose local option sales tax in November, sales tax revenue could be $4 million per year, he said.
The incentive structure is outlined on B3 of this issue of The Oconee Enterprise.
“This has been a day we’ve worked toward for a long time,” said Haygood.
Oconee Chamber of Commerce President and Economic Development point-person Courtney Bernardi said talks with the world’s fourth largest retailer have been going on for about a decade.
“We have worked tirelessly to make sure this is a deal that works best for all parties involved,” she said.
The 23-acre site of the future Costco is managed by The Bishop Company. Developer Frank Bishop attended the Industrial development Authority and BOC meetings on Tuesday.
For more on this story, see the Aug. 26 edition of The Oconee Enterprise, on sale now at convenience stores and grocery stores and newspaper boxes throughout Oconee County. To subscribe, call (706) 769-5175 or visit the tab on our website.