BY BEN THOMPSON
By the numbers
Looking ahead
could exceed $560 million. City sta reported that the project will result in secondary business and tourism impacts asso- ciated with COTA’s growing destination status, and serve as an economic catalyst in the Del Valle and East Austin areas that historically have seen underinvestment.
The project could result in more than $318 million in net bene ts to the city over the 30-year agreement, including roughly $170 million prop- erty tax and $8 million sales tax revenue. Total property taxes collected by Austin, Del Valle ISD, Austin Community College, Travis County and the Central Health hospital district
Council will review a nal agreement with RIDA in the near future, and o cials said they’re broadly in favor of reaching a deal. The developer aims to open the new resort in fall 2030, ahead of that year’s Formula 1 event. Aside from the outlined bene ts, Fuentes said the project will also bring new additions to the surrounding Del Valle community as it gets up and running, like new infrastructure and further economic investment. With a major project now on the horizon, residents also said they hope COTA’s growth brings more economic opportunities that have historically been lacking around far East Austin. “This kind of scale of projects does not occur very often, and our community wants and deserves more opportunities without having to go across the city to nd them,” DVCC Project Manager Juan Rodriguez said.
Economic bene ts
Other bene ts
Austin could bring in more than $400 million from RIDA's resort development over the 30-year economic development agreement.
Creating about 3,800 temporary construction jobs
Creating 900 permanent full-time jobs paying an average of $60,679 annually—indirectly resulting in an estimated 512 local “spin-o ” jobs
Other taxes and fees: $3.44M
Sales taxes: $7.99M Utility revenue and
franchise fees: $75.98M Hotel occupancy taxes: $147.82M Property taxes: $169.89M
$1.5M payment to Austin’s a ordable housing fund
Public park dedications
THE CITY EXPECTS ROUGHLY $87 MILLION IN RELATED COSTS, FOR A NET BENEFIT OF $318 MILLION. NOTE: COSTS ARE ROUNDED
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EAST AUSTIN EDITION
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