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Council approves sales-tax rebates to help secure Costco in Mayfair; agreements include city and Water Improvement District contributions
Summary
City Council unanimously approved a package of sales-tax rebate agreements to support a proposed Costco at Mayfair, including a city rebate up to $1.5 million and a WID rebate up to $6.3 million.
City Council approved a package of economic incentive agreements to support construction of a proposed Costco warehouse at the corner of I-35 and Kohlenberg Road in the Mayfair development area. The incentives are structured as sales-tax rebates from the city and Comal County Water Improvement District (WID) No. 3 and include an interlocal agreement, a chapter 380 agreement for the city's sales-tax share and a separate chapter 380-style arrangement for the WID's tax share.
Deputy City Manager Jordan Matney explained the agreements are necessary because the Mayfair site lies outside the municipal limits but within New Braunfels' extraterritorial jurisdiction; Comal County WID No. 3 was created for the development and holds a portion of the local sales tax revenue for the district. Matney said Costco has committed to a minimum $25…
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