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Ahead of their vote for the plan April 23, Austin officials appear supportive of a proposed city incentive for a hotel and convention center project at Circuit of the Americas that could pour hundreds of millions of dollars into the local economy.
The details: The potential 30-year economic incentive deal between Austin and RIDA Development would support an estimated $985 million resort project at COTA. RIDA plans to build a 1,000-room hotel and 170,000-square-foot conference center. The hotel will include dining and bar areas, a golf course and driving range, and a lazy river similar to the Texas-shaped feature at RIDA's Marriott Marquis Houston.
What else: The proposed performance-based incentive wouldn't affect the city's general fund budget or require any upfront public payment. Austin would instead reimburse 8.25% of the room night revenue eventually generated by the hotel after it's in operation and contributing hotel occupancy tax, or HOT, revenue to the city.
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