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 fu

Staff Report & Agenda Item Details

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.