Port Saint Lucie City Council approves Costco's $94M economic development impact fee deal

In a bustling Port St. Lucie City Hall, the atmosphere was charged with anticipation as the City Council convened on April 14, 2025. Among the key discussions was the unanimous approval of two significant resolutions aimed at bolstering local economic development.

The first resolution, 25-R-17, was swiftly passed, reflecting the council's commitment to advancing community initiatives. However, the spotlight soon shifted to resolution 25-R-18, which proposed an economic development impact fee mitigation agreement with Costco Wholesale Corporation. This agreement is particularly noteworthy as it supports an active construction project that promises to inject substantial investment into the local economy.

City officials highlighted that Costco plans to invest approximately $94 million in new construction and an additional $15 million in machinery and equipment. This ambitious project is expected to create 115 new jobs, with an average salary of $55,350 plus benefits, surpassing the county's average wage. The council discussed the financial implications of the impact fee mitigation, which offers up to $3,500 for each new job created, totaling around $402,500 in potential mitigation. However, the projected mobility fee stands at $513,333, indicating a balance that will need to be settled when permit fees are paid.

The job creation timeline is structured to unfold over three years, with 85 jobs in the first year, followed by 15 jobs in each of the subsequent years. The council emphasized the importance of these jobs, noting that if Costco fails to meet the job creation targets, a 10% refund would be required for the years they fall short.

As the meeting progressed, the council members expressed their enthusiasm for the project, with one member humorously acknowledging the presence of a colleague just as they mentioned his name. This light-hearted moment underscored the collaborative spirit of the council as they moved forward with their agenda.

With both resolutions approved, the City Council of Port St. Lucie is poised to support significant economic growth, reflecting a proactive approach to fostering job creation and investment in the community. As the city continues to evolve, the implications of these decisions will resonate throughout Port St. Lucie, shaping its economic landscape for years to come.