NS-2786 - Laserfiche WebLink

Home Browse Search

of restaurant and approximately five thousand two hundred ninety (5,290) square feet of retail. 1.5 In lieu of the Condo/Office Project and Retail Project, which Elements are no longer part of the Project, GP2 seeks approval of a Hotel Project. For purposes of this Third Amendment, the "Hotel Project" shall consist of a new 185 room, 100,000 square foot, four-story (approximately 57.3 feet above grade) hotel to be located on the corner of MacArthur Place and MacArthur Boulevard served by 133 surface parking spaces, and GP2's right to park in the parking structure located on Orange County Assessor's Parcel No. 411-081-22 (also known as the Teacher's parking structure) during certain specified hours of the week. 1.6 Approval of the Hotel Project will result in the need to relocate the Cinema Tower, which is also owned and developed by GP2. The City and GP2 agree and acknowledge that development of the Cinema Tower will require GP2 to submit a new application to the City for site plan review for the proposed new location of the Cinema Tower, which must be reviewed and approved by the City's Planning Commission. 1.7 In connection with the foregoing, GP2 and the City now desire to amend the Development Agreement to provide GP2 with approval of the Hotel Project subject to the terms and conditions of the Development Agreement, as amended. 2. Hotel Proiect. GP2 and the City hereby acknowledge and agree that GP2 has the right under this Third Amendment to construct and operate the Hotel Project, as hereinafter defined. 3. Modification of Certain Provisions. The Development Agreement is hereby amended and supplemented in the following particulars: 3.1 Section 1.1(1). The phrase "office/commercial/retail uses" appearing in Section 1.1(1) of the Development Agreement is hereby amended and restated to read as "hotel uses with ancillary retail/restaurant uses." 3.2 Section 2.13. The entire section is deleted and replaced with the word "Reserved." 3.3 Section 2.23. The entire section is deleted and replaced with the word "Reserved." 3.4 Section 2.25A. Anew section is added between Section 2.25 and 2.26 to read as follows: "'Hotel Project' is defined in Section 2.43." 3.5 Section 2.21. This section is hereby supplemented by adding the following after the first sentence appearing therein: 'The Project also includes a new 185 room, approximately 100,097 square foot, four-story (approximately 57.3 feet above Ordinance NS-2786 Page 6 of 10