CITY MAKING DEAL TO KEEP COSTCO.Byline: Jim Skeen Staff Writer The city would pay $3.5 million to $5 million to acquire property for expansion of the Costco warehouse store - a deal that city officials say will keep the sales-tax-generating powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. from moving elsewhere. Under the proposed deal, the city's redevelopment agency will acquire about 16,000 square feet of space in the Valley Central Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , buying the former Hudson's Grill Grill may refer to: In food:
``It's a twofold effort,'' said Lancaster City Manager Jim Gilley. ``It enhances an existing retailer, allowing them to do a better job in the marketplace, and it maintains the strength of the power center (Valley Central Shopping Center) in today's retail environment.'' The deal also includes a performance-based incentive to cover the $3.6 million expansion. Costco will receive funds equal to the amount of sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenue it generates above the current level of $350,000 annually. If the store does not generate sales tax over $350,000 annually, it will not receive any money from the city. Lancaster's aid for Costco is roughly equivalent to a $5 million incentive the city of Palmdale had on the table for a store, Gilley said. Losing Costco would hurt other businesses in the shopping center, Gilley said. ``It provides the key critical mass for all the retail activity at the power center,'' Gilley said. ``To lose one of the principle drivers in the power center would be an extreme blow to us.'' Palmdale has an agreement with the developer of the Antelope Valley Mall The Antelope Valley Mall is an enclosed shopping mall in Palmdale, California. Opened in September, 1990, its buildings take up around 1 million square feet (90,000 m²). Its physical main building, parking lots, and ring road businesses encompass an area a bit less than 0. , Ohio-based Forest City, allowing the developer to receive half of all sales tax generated by a big-box retailer, such as Costco, for up to $5 million. The agreement was approved just before a state law was enacted to block such deals. Palmdale officials had expressed interest in seeing that incentive used to bring a Costco store to their city. In Lancaster, the Costco store anchors the city's most important retail center. The shopping center, built between 1989 and 1991, covers 610,396 square feet. In addition to Costco, the center includes electronics giant Circuit City, Wal-Mart and home improvement store HomeBase. The annual sales tax revenue generated by the store is equivalent to what the city pays for its Target Oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. Policing efforts, which target specific crimes or particular crime areas, or a year's operation of the Lancaster Performing Arts Center A performing arts center, often abbreviated PAC, is a multi-use performance space that can be adapted for use by various types of the performing arts, including dance, music and theatre. , officials said. The proposed deal is scheduled to be heard by the City Council at its Sept. 14 meeting. |
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