Posted: May 6, 2013 7:49 AM by AP
Costco Wholesale could open in Baton Rouge in a year if the East Baton Rouge Parish Metro Council approves the creation of an economic development district on Wednesday to pay for infrastructure improvements in the area.
The Advocate reports the superstore is planning a $38 million capital investment into its 150,000-square-foot warehouse on Dawnadele Avenue at the former Coca-Cola bottling facility.
The city-parish and Costco have negotiated the creation of the Dawnadele Economic Development District, which would rebate $7 million of local sales taxes, plus interest, back to Costco to pay for infrastructure improvements and demolition costs.
William Daniel, chief administrative officer for Mayor-President Kip Holden, said the projects should be paid off in less than four years at an interest rate of 4.5 percent.