Port St. Lucie council approves incentive package, impact-fee mitigation for Costco depot phase 2

The Port St. Lucie City Council on April 14 unanimously approved an economic development incentive package and a companion impact-fee mitigation agreement for Costco Wholesale’s Phase 2 depot at Legacy Park in Tradition.

The measures approved include a tiered ad-valorem tax exemption over a 10-year period and impact-fee mitigation that provides up to $3,500 per new job created. City staff told the council the company expects to create 115 new jobs as part of the expansion, and the project represents a combined capital investment the presenters placed at roughly $113.4 million, including construction and machinery and equipment.

The incentives drew a formal presentation from Katie Knight, business development director for the Economic Development Council of Saint Lucie County, who described the proposal and economic projections. “Phase 2 expansion consists of over a 1,000,000 square foot facility beside the phase 1 which is a 600,000 square foot facility…combined $113,400,000 in capital investment,” Knight said during her presentation. Elijah (staff member) summarized the staff recommendation, saying, “staff does recommend approval of the incentive package.” Greg Capone, speaking for Costco, added, “I’d just like to thank the council and everyone involved as well.”

Why it matters: City and county officials said the project will bring construction activity, long-term payroll and jobs that pay above the county average. The council’s approval authorizes the mayor or her designee to execute the incentive and mitigation agreements and allows…