Longmont approves incentive, public-private partnership to lure Costco

LONGMONT — The Longmont City Council passed a series of measures Tuesday that establish a framework for economic development incentives and a public-private partnership that local leaders hope will lead to Costco Wholesale Corp. (Nasdaq: COST) building a warehouse club store in the city. 

The incentive package would provide property improvements, development costs, raw water acquisitions and community investment fee rebates worth more than $12.5 million. 

In exchange, Costco would build a 150,000-square-foot retail operation on a nearly 50-acre site near Longmont’s Harvest Junction development, city documents show.

As part of the proposed deal, city…