Posting Language
Title
Authorize negotiation and execution of all documents and agreements necessary or desirable to acquire approximately 21.0 acres (914,760 square feet) 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 at 9201 Circuit of the Americas Boulevard, Del Valle, Texas 78617 and being a portion of that certain 288.93-acre tract (formerly called Tract One) which comprises a portion of that certain 399.528-acre Tract One described by and conveyed in the General Warranty Deed to AHSPE, LLC recorded under Document No. 2011010836 of the Official Public Records of Travis County, Texas, and being part of 'Area 4' of the Planned Unit Development approved in Ordinance No. 20201001-042, as amended by Ordinance No. 20231214-105, from RIDA COTA Hotel, LLC or its successor, related to the development of a hotel and convention center located on or around the Circuit of the Americas site, including a ground lease that contains an option for RIDA COTA Hotel, LLC or its successor to repurchase the hotel property at the conclusion of the term at no cost and a facilities purchase and management agreement that contains an option for RIDA COTA Hotel, LLC or its successor to repurchase the convention center facilities at the conclusion of the term at no cost, all upon the issuance of a confirmatory Private Letter Ruling by the State Comptroller. Funding: there is no fiscal impact.
De
Lead Department
Financial Services Department
Fiscal Note
There is no anticipated fiscal impact.
For More Information:
Kimberly Olivares, Director of Financial Services, 512-974-2924.
Prior Council Action:
March 6, 2025 - Council adopted Ordinance No. 20250306-048, designating the Project a Qualifying Project upon the satisfaction of certain statutory requirements.
Additional Backup Information:
Chapter 351, Subchapter C of the Texas Tax Code allows the C...
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