Economic Development Incentive Agreement with the Ridge EG East, LP
Summary
SCH Number
2017048417
Public Agency
City of Elk Grove
Document Title
Economic Development Incentive Agreement with the Ridge EG East, LP
Document Type
NOE - Notice of Exemption
Received
Posted
4/21/2017
Document Description
The proposed agreement would consist of economic development incentive payments to be provided from the City to the Ridge EG East, LP, the owner/landlord of property at which a proposed Costco Wholesale and retail general merchandise store will be located. The Costco Store is to be located at the northwest intersection of Civic Center Drive and Babylon Drive in the City of Elk Grove. The agreement would provide for sales tax sharing between the city sharing between the city and the landlord/property owner in a present value amount of not more than 8,000,000, as escalated and adjusted over time, all as provided in the agreement. Payment would be made up for to 25 years, or until the entire economic development incentive amount of 8,000,000, as provided in the agreement, is paid, whichever occurs first.
Contact Information
Name
Christohper Jordan
Agency Name
City of Elk Grove
Contact Types
Lead/Public Agency
Phone
Location
Cities
Elk Grove
Counties
Sacramento
Notice of Exemption
Exempt Status
Other
Type, Section or Code
S:15060
Reasons for Exemption
Approval of the proposed economic development incentive agreement is not subject to the CEQA Act because the agreement is a financial arrangement and does not constitute the approval of a project under CEQA.
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