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2. Participation in the Hotel Development Inventive Program. An Owner <br />that wishes to participate in the Hotel Development Inventive Program must first submit <br />the following to the Executive Director: <br />a. Evidence of Site Control; <br />b. Description of development team, including, the development <br />entity, the architect(s), interior designer, landscape architect, and <br />other professional disciplines related to the construction and <br />operation of the Hotel for the purposes of confirming that the project <br />will be a Hotel when Opened for Business; <br />G. Conceptual operating plan and design of the Hotel for the purpose <br />of confirming that the project will be a four to five star rated or AAA <br />Four Diamond or above Hotel when Opened for Business; <br />d. Evidence of interest by a Brand, Flag, and Operator in operating a <br />Hotel within the City; and, <br />e. Feasibility analysis completed for the project by a financial firm and <br />funded by the Owner, whereby a projection of operating <br />performance is combined with project development cost in order to <br />determine the funding gap. <br />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. 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 />Resolution No. 2016 -_ 55A -56 <br />