Authorize negotiation and execution of a Business Expansion Program economic development agreement with RIDA COTA Hotel, LLC for a term up to 30 years, with performance-based payments not to exceed an amount equal to 8.25 percent of the gross room night revenue generated through RIDA COTA Hotel, LLC’s development and operation of a hotel at 9201 Circuit of the Americas Boulevard, Del Valle, Texas 78717 and approve an ordinance waiving the staff presentation, public announcement and portal setup,

Staff Report & Agenda Item Details

Authorize negotiation and execution of a Business Expansion Program economic development agreement with RIDA COTA Hotel, LLC for a term up to 30 years, with performance-based payments not to exceed an amount equal to 8.25 percent of the gross room night revenue generated through RIDA COTA Hotel, LLC’s development and operation of a hotel at 9201 Circuit of the Americas Boulevard, Del Valle, Texas 78717 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: Agreement payments are contingent upon the annual appropriation of funds by City Council for that purpose. The maximum agreement payments to RIDA COTA Hotel, LLC are capped at an amount equal to 8.25 percent of gross room night revenues generated at the hotel to be developed under the agreement, annually for a term up to 30 years if all performance and compliance criteria are met and subject to negotiation. The agreement payments are contingent on the hotel generating hotel occupancy tax revenue and will not begin until after the hotel begins remitting hotel occupancy tax to the City.