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Enterprise Zone Luring Jobs in Los Angeles

According to the Los Angeles Business Journal, Mayor Villaraigosa and the City of L.A. have used the recent expansion of the Enterprise Zone in the West Valley to get a major investment from Costco:

Costco Wholesale Corp. will open a store in Warner Center that will create 300 permanent jobs, Los Angeles city officials announced Tuesday.

The 146,000-square-foot store will open in late 2012 will generate $1 million in annual sales tax revenue for the city.

“I pledged to bring new Costco stores to our great city,” Los Angeles Mayor Antonio Villaraigosa said in a statement. “Now we are opening another location that will not only bring affordable products, but good paying jobs to Los Angeles.”

Costco will be the main anchor tenant of the Village at Westfield Topanga development, between Westfield’s existing Topanga and Promenade centers.

“I am elated that Costco teamed up with Westfield in the West San Fernando Valley,” said Los Angeles City Councilman Dennis Zine, whose district includes the Warner Center area.

To lure Costco to the site, the city used a recent expansion of its enterprise zone, a state program that gives tax credits to companies that hire local workers.

“We’ve been in business in the City of L.A. for over 30 years and we’ve never had a mayor step up to the plate to help like Mayor Villaraigosa has,” said Jim Sinegal, CEO of Costco. “These are good paying jobs with excellent benefits. This is a $50 million investment and we are very excited about this project.”

In a separate press release First Deputy Mayor Austin Beutner said, “This investment by Costco and expansion of the Village development in the San Fernando Valley will create 300 good paying jobs and over $1 million of annual revenue for the city. It is living proof that the expansion of the State Enterprise Zones is creating jobs in Los Angeles.”

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