Talks of a second Costco in the Queen City have been ongoing for years, and Regina city council is hoping to nail down the wholesale store to build within city limits.
The big box retailer had previously secured land in the Westerra neighborhood in the city’s west end to build its next store, but development costs swayed them to release the site and look elsewhere.
A report to city council indicates the alternative site would provide limited economic and community benefit to the City of Regina, which in turn has them looking to entice Costco back.
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The Business Incentive Proposal, which is being presented to council on Wednesday, May 7, would provide Costco with the transfer of $6,780,000 to develop and open the store at 8701 Dewdney Ave. at a reduced land cost from the developer Forster Harvard Development Corp.
The funds would come from the Regina’s Land Development Reserve (LDR) and would be re-paid to the LDR over seven to eight years through commercial property taxes collected on the Costco parcel at 8701 Dewdney Ave. and the adjacent development at 8201 Dewdney Ave.
Key terms outlined in the proposal include Costco’s obligation to purchase the land at 8701 Dewdney Avenue prior to Dec. 31, 2025, which may be extended to Dec. 31, 2026, and complete construction and open the store within 48 months of acquisition.
The city is also entitled to reimbursement if Costco does not satisfy its obligations within the established timelines.
Benefits highlighted in the report, if approved, could provide both shopping and employment opportunities, stimulate commercial investment and residential growth, and increase viability for the adjacent land holdings owned by Zagime Anishinabek First Nation and Keeseekoose First Nation.
Council will consider the business incentive proposal at Wednesday’s meeting.
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https://globalnews.ca/news/11167562/regina-council-incentive-costco-2nd-location/
