LOVES PARK, Ill. (WIFR) -- Updated: Oct. 15, 9:30 p.m.
Attention shoppers, a Costco will soon be coming to the Stateline. On Monday night the Loves Park City Council approved the tax deal.
“Costco is going to be great for this entire region,” said Loves Park Mayor, Greg Jury.
Over the past several years, the City of Loves Park and Spring Creek Development Group have been working with Costco.
"We have been pursuing this deal since 2012 and honestly I believe it came together largely because of the trust at the table. Between the folds at Costco, the trust between the City of Loves Park, the Mayor, the city staff and hopefully our company, said Ryan Fitzgerald, president, Spring Creek Development Group.
The vote approved more than $11 million in tax incentives. Meaning Costco will be reimbursed over $4 million in sales tax revenue. Spring Creek Development Group will be repaid up to seven and a half million dollars from the city of Loves Park.
"It’s a nice way for the city to finance infrastructure so that the developer has some assurance of getting paid back, we are at risk though if Costco closing or we don't get back," said Fitzgerald.
Although there may be some risks, the city of loves park and nearby business see a lot of positives coming out of this new Costco.
“Their talking between 150 and 250 employees and they are very well paid employees. Costco is the premier retailer," said Jury.
"It's like a giant build board off I-90, People are going to see it and stop and hope they come by and spend some time with us," said Tony Meyer, general manager, Volcano Falls.
"Hopefully it brings a lot of people in here just to kind of get exposure and just kind of gives us fresh faces and new people to come see what's going on," said David Lavoy, software developer, Montel Technologies.
The new Costco is predicted to open sometime during the summer of 2019.
Updated: Oct. 15, 6:20 p.m.
The Loves Park City Council has voted in favor of tax incentive to bring retailer Costco to the area.
Updated: Oct. 15, 4:20 p.m.
The city of Loves Park is inching closer to bringing Costco to the Stateline.
Council members are voting tonight on a multi-million dollar tax incentive to lure the retailer and Spring Creek Development to the 7900 block of East Riverside Boulevard.
Mayor Greg Jury says the wholesale retailer can bring more than $4 million to the city over the next several years as well as additional jobs.
Cream City Stateline Scale is being demolished and relocated to accommodate the new business. The owner declined to comment at this time.
Jury says if everything is approved, construction could begin next month and the store would be open next summer.
The meeting is at 6 p.m. at 100 Heart Blvd in Loves Park.
The wholesale retailer Costco will soon be opening up a store in the stateline.
Loves Park announced Thursday Costco has applied for a special use permit to build a store and a gas station in the 7900 block of East Riverside Boulevard, just east of I-90.
Loves Park Mayor Greg Jury says this is just the first of many agreements that needs to happen before the development becomes one hundred percent official. The permit will need to be approved by the city's zoning board next month before a final vote by the city council. Mayor Jury says he's confident it will be passed as the new Costco will greatly benefit the area.
"We've been working on it for well over a year to get them out here and this is great for the city of Loves Park. It's going to bring that sale tax dollar, which we survive on because we don't have a property tax. So this is big not just for the city of Loves Park but the entire region,” said Loves Park Mayor Greg Jury.
Mayor Jury says he's hopeful Costco will lead to much more development in that area in the near future. The zoning board will be voting on the special use permit on July 19th.
If all goes as planned we could be seeing a groundbreaking as early as this September. The city hopes the store will be fully operating by August of next year.