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Downey is putting up $10 million in city money to buy out Downey Nissan’s lease so the dealership can move and clear the site for a new COSTCO gas station on Firestone BLVD.

In other words the Nissan dealership will move across the street to make way for the COSTCO gas only station. Records show Andrews Rancho owns the property . BCH Holdings LLC, associated with the Nissan dealership, holds a long term lease under a December 2015 lease agreement 

In June the council. Approved a 10.5 million Master Development Funding Agreement : $10 million for the lease cancellation and $500,000 for environmental review and entitlements,. Costco has agreed to provide up to $20.8 million toward a replacement dealership for Nissan of Downey. NOTE: Reporters asked how the city got $10M. Downey officials won't release the appraisal/valuation while the deal is pending- So taxpayers still don't see the math. 

To summarize :$10.5M city deal ($10M lease cancel + $500K enviro/entitlements). Costco chips in up to $20.8M for a replacement Nissan across the street; the landlord adds more. The end game is ~162,000 sq ft Costco and a 40-pump station on ~13.6 acres.


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