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The Executive Director shall determine, acting in his /her sole and absolute <br />discretion, the sufficiency of the submittals. <br />3. Operating Covenant Agreement. If, based on the information provided <br />pursuant to Section 2 above, the Executive Director is satisfied that the Owner is likely <br />to Open and operate a Hotel, then the Executive Director may further decide in his /her <br />discretion to negotiate an Operating Covenant Agreement with the Owner. Any <br />Operating Covenant Agreement that may be negotiated by the Executive Director shall <br />be subject to consideration by, and shall not be effective unless approved by, the City <br />Council. In considering a proposed Operating Covenant Agreement, the City Council <br />may approve, deny or modify such proposed agreement acting in its sole and absolute <br />discretion, following compliance with all required and applicable laws, including, but not <br />limited to, Government Code Section 53083 and the California Environmental Quality <br />Act. Nothing herein creates an obligation on the part of the City to negotiate and /or <br />approve an Operating Covenant Agreement. The Operating Covenant Agreement will <br />contain, among other items that the Executive Director may impose, the following: <br />A recordable covenant by the Owner to operate and maintain the <br />Hotel as a four to five star rated or AAA Four Diamond or above <br />Hotel for not less than the Operating Period. <br />b. An obligation on the part of the City to make Incentive Payments <br />contingent upon compliance by the Owner with the Operating <br />Covenant Agreement. <br />c. An obligation on the part of the Owner to comply with the Prevailing <br />Wage Statutes. <br />d. An obligation on the part of the Owner to use good faith efforts to <br />hire local residents and contract with local subcontractors, suppliers <br />and other businesses. <br />e. An obligation on the part of the Owner to ensure that all <br />journeymen and apprentices comply with all State labor laws and <br />that the workforce on site meet a specific ratio of apprenticeship <br />program graduates and of OSHA certified workers, along with the <br />presence of at least one site safety manager with OSHA 30 -hour <br />certification. <br />Resolution No. 2015- <br />Indemnities by the Owner in favor of the City and related parties as <br />to: <br />i. the condition of the site; <br />ii. litigation concerning entitlements and /or enforceability <br />of the Operating Covenant Agreement; and <br />iii. Prevailing Wage Statutes. <br />55B -56 <br />