The City of Alcoa has confirmed ongoing discussions with Costco, and RealtyLink to bring a new Costco store to the Springbrook Farm development, a move that is expected to significantly spruce up the local economy. According to the City of Alcoa’s statement in a social media post, the new store is set to serve as the centerpiece of the emerging downtown center at Springbrook Farm—an area that continues to attract investments and generate buzz within the community.
In a bid to ensure the successful deployment of the Costco store, the City of Alcoa is to actively partner with both RealtyLink and Costco to handle essential site preparations. These preparations include tasks ranging from addressing brownfield concerns to reinforcing traffic signal infrastructure and utility enhancements. Additionally, there are plans to set construction in motion on a segment of Werner Avenue, as reported by WVLT News. The city intends to strategically utilize bond financing, which will be structured around anticipated future sales tax revenue from the Costco project—a strategy to continue site improvements without having to adjust existing property tax levels.
This tax-savvy approach means that property taxes are not expected to increase for Alcoa citizens and business owners. “Together, these efforts will activate a key 20-acre parcel and help welcome a national brand that serves not only local families and businesses but also residents across the region,” the City indicated, as WVLT News reported…