Agreement reached to build a Costco in Loomis
LOOMIS - A new Costco could be coming to Loomis.
The cities of Loomis and Rocklin have reached an agreement "that paves the way" for Costo to build a store in Loomis along the border of the cities at Sierra College Boulevard and Brace Road, the City of Rocklin announced on social media.
Officials say the agreement requires Costco to pay more than $3.75 million to mitigate impacts along the Sierra College Boulevard corridor.
"This collaborative agreement protects the interests of Rocklin businesses in the area while clearing obstacles for Costco, which will bring significant sales tax revenue to Loomis," Rocklin Mayor Bill Halldin said. "Rocklin's goal was always to ensure the Loomis Costco was designed properly and that the project paid its fair share to reduce traffic impacts along the Sierra College Blvd. corridor."
It's estimated that the store could bring more than $1 million in tax revenue to Loomis each year, which would make it one of the largest and most beneficial commercial developments in the town's history.
The news comes as a relief to shoppers as the closest Costco, which is in Roseville, is quite busy.
The City of Rocklin says the chain will not be building a gas station near the store.
