SIMI VALLEY : Counteroffer Due on Costco Store Bid
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The Costco store chain has asked the Simi Valley City Council to approve an $880,000 contribution toward the cost of putting one of its bulk-discount outlets in the city.
The council on Monday will consider approving a counteroffer of about $570,000 recommended by city staff. The staff recommends that the city pay outstanding fees for construction of the California 118/Madera Road interchange and fund installation of a traffic signal on Cochran Street and Park Center Drive.
The report recommends that the city deny a request by Costco attorney Henry Finkelstein for a waiver of water connection, sanitation and fire protection fees.
Finkelstein on Friday would not comment on the city’s offer.
The 156,000-square-foot store would cost $10.8 million and employ as many as 200 full- and part-time employees, the developer said.
City staff estimated that the store would bring the city $280,000 a year in net sales tax revenue.
Mayor Greg Stratton said he agreed with the staff’s recommendation. “We want to be accommodating, but we don’t want to give away the store, either.”
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