Austin considers 30-year incentive deal for COTA hotel
City of Austin cityCity · Austin, TX- Disclosed value
- Performance-based payments not to exceed an amount equal to 8.25% of gross room night revenue generated at the hotel annually for up to 30 years
- From staffreport
- Document date
- Apr 23, 2026
- Term
- Up to 30 years
The 30-second brief
The City of Austin is considering an economic development agreement with RIDA COTA Hotel, LLC that would provide performance-based payments equal to up to 8.25% of gross room night revenues from a new hotel at Circuit of the Americas. The payments would be made annually for up to 30 years, contingent on hotel occupancy tax generation, compliance, and annual City Council appropriations.
Rida Cota Hotel LLC holds this financial services contract with City of Austin city. Its other public contracts on record include work for Austin - Music Commission.
Term as filed: Up to 30 years.
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Contract details
- Contract type
- Financial Services
- Amount
- Performance-based payments not to exceed an amount equal to 8.25% of gross room night revenue generated at the hotel annually for up to 30 years
- Document date
- April 23, 2026
- Term
- Up to 30 years
- Vendor
- Rida Cota Hotel LLC
- Agency
- City of Austin city
- Source document
- City of Austin Staff Report File #: 26-1464, Agenda Item #: 6. 2026-04-23 (StaffReport)
Rida Cota Hotel LLC's other public contracts
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Questions about this contract
Who was awarded the financial services contract by City of Austin city?
Rida Cota Hotel LLC was awarded this financial services contract by City of Austin city, as recorded on April 23, 2026. The contract value is Performance-based payments not to exceed an amount equal to 8.25% of gross room night revenue generated at the hotel annually for up to 30 years.
How much is the Rida Cota Hotel LLC contract with City of Austin city worth?
The Rida Cota Hotel LLC contract with City of Austin city is valued at Performance-based payments not to exceed an amount equal to 8.25% of gross room night revenue generated at the hotel annually for up to 30 years, covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a staffreport record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in City of Austin Staff Report File #: 26-1464, Agenda Item #: 6. 2026-04-23 (StaffReport), dated April 23, 2026 from City of Austin city. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Rida Cota Hotel LLC hold?
Rida Cota Hotel LLC may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Austin city currently buying?
Explore City of Austin city's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.