HomeMy WebLinkAboutCOSTCO WHOLESALE CORP RESOLUTION RESOLUTION OF
THE AUGUSTA - RICHMOND COUNTY COMMISSION
WHEREAS, Augusta has been informed that Costco Wholesale Corporation, or a related
entity designated by it ( "Costco "), proposes to locate a Costco retail facility (the "Project ") on
approximately 16 acres of real property located at the Village at Riverwatch development in
Augusta, Georgia; ;
WHEREAS, The MGHerring Group (the "Developer "), as the developer of the Village
at Riverwatch, has proposed that certain incentives be given by the Developer and Augusta to
Costco to encourage Costco to move forward with the Project; and
WHEREAS, the proposed Project will increase employment opportunities, and sales
taxes, and stimulate other development in Augusta, and will serve to develop and promote for the
public good and general welfare trade, commerce and industry in Augusta, and will increase
employment therein; and
WHEREAS, the proposed Project will require the amendment of the existing Tax
Allocation District #1 and the creation of a new tax allocation district to be known as the Village
at Riverwatch Tax Allocation District #2;
WHEREAS, the estimated development costs and inducements to be provided by the
Developer and Augusta exceed $13,000,000; and
WHEREAS, the Developer has requested that Augusta reimburse eligible redevelopment
costs incurred by Developer in amount not to exceed $10,000,000, plus financing costs at a rate
not to exceed 7.000% (collective the "Redevelopment Costs ") from the tax collections from the
Riverwatch Tax Allocation District #2; and
WHEREAS, Augusta deems it in the best interest of Augusta that Augusta's portion of
the positive tax increment from the Costco site and from Phase One of the Village at Riverwatch
project paid into the Village at Riverwatch Tax Allocation District #2 Special Fund, along with
65% of local option sale taxes collected by Costco and 75% of local option sales taxes collected
from stores located within Phase One of the Village at Riverwatch project be paid in to the
Special Fund and used to reimburse Developer its Redevelopment Costs as described above, but
in no event shall reimbursements continue for more than twenty five (25) years after the opening
of the Project.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The Augusta - Richmond County Commission hereby indicates it support of the
Project and its willingness to proceed with its involvement in the Project as outlined in the
foregoing, subject to the completion of all required proceedings and the preparation of
satisfactory documentation. All agreements and documentation must be satisfactory to the
Commission and its counsel.
2. The General Counsel and the Finance Department are hereby authorized to draft
and create such documents for approval by the Commission as necessary to amend the existing
Tax Allocation District #1 to remove from such district the property identified as Map/Parcel
008 -0- 010 -10 -0 and 008- 0- 10 -08 -0 and to create a new Tax Allocation District to be known as
the Village at Riverwatch Tax Allocation District #2 incorporating the parcels known as
Map/Parcel 008-0-010-10-0 and 008- 0- 10 -08 -0.
3. This Resolution is intended as a statement of intent of the Commission, but the
Commission shall bear no liability for reliance hereon or for failure to perform or proceed
hereunder.
ADOPTED this *64 Z- , 2010.
AUGUSTA - RICHMOND COUNTY
COMMISSION
By: a
Mayor
Atte t:
7(/11 Clerk of C / mission
(Seal)