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Resolution - Establish a Hotel Development Incentive Program <br />June 7, 2016 <br />Page 3 <br />entered into a labor peace agreement prior to entering into an operating covenant agreement for <br />a hotel project. <br />Based on staff's review and feedback from both labor organizations, staff recommends the <br />implementation of a Hotel Development Incentive Program which incorporates requirements for <br />prevailing wages, hiring of local residents, and labor peace agreements. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 Economic Development, <br />Objective #3, (Promote a solutions -based customer focus in all efforts to facilitate development <br />and investment in the community), Strategy C (Explore opportunities to encourage a business <br />friendly environment within the City through the reduction of non - essential regulatory <br />requirements, improved coordination between agencies for development review and addition of <br />monetary incentives). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. Each individual hotel development incentive <br />agreement will be subject to City Council approval. <br />Exhibits: 1. Diamond Rating Guidelines <br />2. Resolution <br />RC /MM <br />55E -3 <br />