Posting Language
Title
A Business Expansion Program economic development incentive agreement with RIDA COTA Hotel, LLC for a term up to 30 years, with performance-based payments in an amount not to exceed an amount equal to 8.25 percent of the gross room night revenue generated by hotel operations and approve an ordinance waiving the staff presentation, public announcement and portal setup, and public hearing requirements of Ordinance Nos. 20180830-057 and 20240926-013. Funding: Funding is contingent upon available funding in future budgets of the Economic Incentive Reserve Fund.
Pulled by Council Member Fuentes.
De
Lead Department
Austin Economic Development.
Fiscal Note
Funding is contingent upon available funding in future budgets of the Economic Incentive Reserve Fund.
Prior Council Action:
March 6, 2025 - Council approved an ordinance authorizing negotiation and execution of an agreement with RIDA COTA Hotel, LLC, related to the development of a hotel and convention center located on or around the Circuit of the Americas site generally located at 9201 Circuit of the Americas Boulevard, Del Valle, Texas 78617, for the City to provide a $20,000 contribution of hotel occupancy tax and a 10-year funding agreement for the City to provide an amount not to exceed the amount of revenue the City receives from the State of Texas as a rebate of hotel occupancy tax and sales tax generated by the project that would otherwise be retained by the State, designating the project a qualifying project under Subchapter C of Chapter 351 of the Tax Code, and authorizing the City Manager to submit any necessary documents to the State Comptroller.
July 24, 2025 - Council authorized negotiation and execution of all documents and agreements necessary or desirable to acquire approximately 21.0 acres of real property and approximately 460,000 square feet of adjacent convention center facilities to be located in the Thomas Westbrook Survey No. 5, Abstract No. 797, generally located...
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