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Metro Council to vote on Costco deal

4 years 2 weeks 3 days ago May 06, 2013 May 6, 2013 Monday, May 06 2013 May 06, 2013 6:39 AM in News
Source: Associated Press

BATON ROUGE - Costco Wholesale could open in Baton Rouge in a year if the Metro Council approves the creation of an economic development district Wednesday to pay for infrastructure improvements in the area.

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.

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