City of Amarillo Council Regular Meeting Agenda April 2026
TIRZ developer deal for new downtown Hampton Inn
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Description
Amarillo City Council approved a Center City TIRZ #1 developer agreement with Rillo Investments, LLC for a new 122-room Hampton Inn with at least $28 million in private investment. In return, the developer will receive a 10-year 100% property tax rebate and up to $900,000 in grant funding for infrastructure, facade improvements, environmental remediation, or demolition.
Contract Details
Contract Amount
Not less than $28 million private investment; not to exceed $900,000 grant plus 10-year 100% property tax rebate
Vendor
RILLO INVESTMENTS LLC
Agency
city of Amarillo, TX
Contract Type
FINANCIAL_SERVICES
Document Date
April 24, 2026
Contract Term
10 years of 100% annual property tax rebate after project completion
Renewal Date
2036-12-31
Renewal Info
Agreement includes a 10-year property tax rebate period; no explicit renewal options for the incentive term referenced in the agenda text.
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