Item 5 — Thursday, December 12, 2024

Current official agenda wording

Approve an ordinance designating a geographic area of the City as Project Financing Zone Number One, City of Austin, Texas, allowing the City to use certain incremental hotel-associated tax revenue, including certain hotel occupancy taxes, sales taxes, and mixed beverage taxes, to finance qualified projects, requesting that the Texas Comptroller of Public Accounts deposit the State’s incremental hotel-associated tax revenue from the zone into a suspense account held in trust for the City’s financing of qualified project activities in the zone, and providing a zone expiration date of 30 years from the date of designation of the zone. Funding: This item may result in increased revenue for eligible City projects from certain State hotel-associated tax revenues.