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the new development to fund the gap payments. No upfront expenditures <br />from the City would be required. Each individual incentive agreement <br />would be subject to City Council approval. <br />Section 2. Based upon the information provided herein and at the hearing on <br />this matter, the City Council of the City of Santa Ana hereby establishes the Hotel <br />Development Incentive Program as follows: <br />1. Definitions. For the provisions of this Resolution, the following definitions <br />shall apply: <br />a. Brand — the entity whose Flag is used to identify the Hotel. <br />b. Executive Director — the <br />Development Agency for <br />designee. <br />Executive Director of the Community <br />the City of Santa Ana, or his /her <br />C. Flag — the distinctive name of a Hotel that, by virtue of its distinctive <br />name, is identified by specific physical and operational features so <br />that guests are assured that they will receive a specified level of <br />service and amenities wherever the property is located. <br />d. Hotel — any building with rooms or suites intended for an <br />uninterrupted stay of no more than twenty -eight consecutive <br />calendar days by guests for compensation, which was not <br />operational at the time of adoption of this Resolution, and provides <br />physical features and operational services that meet or exceed, as <br />determined by the Executive Director acting in.his /her sole and <br />absolute discretion, a four to five star rating or criteria established <br />for AAA Four Diamond or above Hotels by the American <br />Automobile Association. <br />e. Hotel Development Incentive Program — the program set forth in <br />this Resolution to encourage and incentivize the development, <br />construction and operation of Hotels. <br />f. Hotel Visitor's Tax (HVT) Rate — The current rate of HVT, as <br />applicable from time to time. The HVT Rate shall apply for the <br />calculation of any and all Incentive Payments. <br />0 <br />h, <br />Resolution No. 2015- <br />Incentive Payments — the payments made by the City to an Owner <br />pursuant to an Operating Covenant Agreement and described in <br />Section 4 hereof. <br />Open(s)(Ing)(ed) for Business or Opening — the day on which a <br />Hotel opens for business to the general public. <br />55B -54 <br />