FINANCIAL_SERVICESPENDING

Center City Tax Increment Reinvestment Zone #1 Board Meeting Agenda April 2026

TIRZ Developer Agreement Proposed for New Hotel

Annual reimbursement of 100% of ad valorem tax increment for up to 10 years, plus a one-time reimbursement (grant) not to exceed $900,000City of Amarillo cityRILLO INVESTMENTS LLCApril 15, 2026

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Description

The Center City Tax Increment Reinvestment Zone No. 1 is considering a Developer Agreement with Rillo Investments, LLC to support construction of a new Hampton Inn–quality hotel at SE 10th Avenue and S. Buchanan Street. The agreement would provide up to ten years of 100% ad valorem tax increment reimbursement plus a one-time grant up to $900,000 for infrastructure and façade improvements, contingent on at least $28 million in private investment and compliance with design standards.

Contract Details

Contract Amount

Annual reimbursement of 100% of ad valorem tax increment for up to 10 years, plus a one-time reimbursement (grant) not to exceed $900,000

Vendor

RILLO INVESTMENTS LLC

Agency

City of Amarillo city, TX

Contract Type

FINANCIAL_SERVICES

Document Date

April 15, 2026

Contract Term

Up to ten (10) years of annual TIF reimbursements starting the second fully valued tax year after project completion; Zone terminates December 31, 2056

Renewal Date

2056-12-31

Renewal Info

Agreement term ends after ten annual reimbursements commence and are paid, or upon earlier complete performance or expiration of the Zone; one-time right by Developer and City to extend deadlines up to 180 days for good cause; no automatic renewal beyond Zone termination.