Washington-based Costco Wholesale Corporation is proposing a new $30 million location in the Woodlands that is expected to span about 150,000 square feet and bring at least 75 new jobs to the community.

To sweeten the deal, The Woodlands Township Board of Directors agreed to grant the company $2.3 million plus interest to be funded with sales tax receipts created by the business. “The amount the township will commit to this project is limited to one half of one percent of the general sales tax collected from Costco’s taxable sales,” Township General Manager Don Norrell explained during the board’s regular meeting Wednesday night.

Norrell added once that grant agreement is fulfilled; all the sales tax will go to the township.

According to the development agreement, Costco will fund the land purchase, site development and construction costs.

The board approved the Economic Development Agreement unanimously.

The facility is planned for the northeast corner on Texas 242 and Interstate 45.

“This facility will be for both warehouse and retail sales,” Norrell said. “The project is expected to attract future business and commercial development within the area and generate a substantial amount of addition sales tax revenue.”

Norrell said Costco is expected to close of the property next month and have the store open by November.

“It’s going to be good news to all of our residents,” said Board Chairman Bruce Tough. “It’s another great entity moving to the woodlands.”

According to the wholesale retailer’s website, the company has five locations in the Houston area. Currently, the closest location to The Woodlands is at Willowbrook, 12405 N. Gessner Road.

The company’s other locations are on Richmond Avenue and Bunker Hill Road in Houston, Southwest Freeway in Sugar Land and the Katy Freeway in Katy.