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Community Development RDA budget approved; staff says Costco reimbursement will close early next year
Summary
The Community Development and Renewal Agency (CDRA) approved its FY2025–26 budget; staff said the agency already budgeted amounts to reimburse Costco for infrastructure improvements and expects the arrangement to close next year.
At the Community Development and Renewal Agency meeting held during the council session, the board approved the CDRA’s FY2025–26 budget with no changes from the previously presented version.
Staff told the board the budget is essentially a carryforward of an amount already set aside to pay off the city’s agreement with Costco; the reimbursement covers infrastructure work Costco completed as part of its project (road and storm-drain improvements). Staff said the reimbursement is in process and that the deal is expected to be closed early next year.
Board members noted the Costco arrangement was structured to reimburse the company for public infrastructure it constructed beyond the immediate project scope. No members of the public spoke during the CDRA public hearing.
Motion and outcome: The board voted to approve the FY2025–26 CDRA budget and to accept minutes from March 18, 2025; the motion passed unanimously.
