Deal Struck to Build Costco in Loomis on Border of Rocklin
The City of Rocklin, the Town of Loomis, Costco and the group “Citizens for Responsible Growth” have finalized an agreement that paves the way for a Costco to be built in Loomis on the border of Rocklin at Sierra College Blvd. and Brace Rd.
The settlement requires $3.75 million in payments to Rocklin from Costco to mitigate impacts along the Sierra College Blvd corridor. It also includes revised site plans that will extend the northbound right turn entry lane from Sierra College Blvd. into the development.
Costco has also agreed to not include a gas station in Loomis as part of this project.
“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 is estimated that the proposed 155,000 square-foot Costco could bring more than $1 million in annual tax revenues to Loomis, which would make it one of the largest and most beneficial commercial developments in the Town’s history.
All parties have agreed to dismiss legal actions when the requirements outlined in the agreement are met.
The full terms of the settlement agreement are attached.