KATY, Texas – A new Costco could be opening soon in Katy thanks to a new deal approved Wednesday by the city council.
The 380 Agreement gives businesses a big tax rebate in hopes that they will build and bring in even more tax revenue in the future.
Costco's rebate would be worth $1 million.
Some council members are concerned, saying the 380 agreement wasn't designed to help the big guys, but the little ones.
Similar deals have been used to bring a Kroger to Studemont and a Walmart to Yale.
Some businesses are helping revitalize their neighborhoods, but others may be suffering in turn.
“When we refuse to give incentives to small and medium-sized businesses and we say okay, large successful conglomerate, we're going to give you incentives,” Vice Mayor Pro-Term C.O. Bradford added, “we're promoting the destruction, the failure, and the closure of the small mom-and-pop operations.”
The new Costco store would be located near the Grand Parkway and I-10.
Houston is able to negotiate a deal in Katy because the city has an agreement to collect tax revenue on that particular property.
There is no word on when construction could begin.
If completed, the Costco in Katy would be the fifth in the greater Houston area.