Approve 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. Funding: Funding in the amount of $20,000 will be included for Council consideration in a future budget. There is no additional anticipated fiscal impact.
25-0159 · Public Hearing · Passed