Costco's 50-Year Tax Deal in Brea: A Win or Loss?
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Brea City Approves 50-Year Costco Sales Tax Deal: A Controversial Move
Brea city officials have agreed to a 50-year sales tax sharing deal to attract Costco, allowing the developer to keep 57.5% of projected $133 million in sales taxes, while the city gets 42.5%. This arrangement was necessary due to the high land cost, which was $140 million, far more than similar sites elsewhere. Supporters argue it creates jobs and brings steady income, but critics see it as a poor bargain, with the developer grabbing more in the first decade and the city bearing long-term risks. The deals length and the time value of money are also concerns, with experts worrying about its impact on the overall tax base.
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