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development cost in order to determine the funding gap. A financial firm <br />would be used for the feasibility analysis which would be funded by the <br />developer. <br />5. The City would pay for the funding gap through the HVT incremental <br />revenue over a period specified in each negotiated agreement. The City <br />would use a percentage (50 percent) of new incremental HVT generated <br />by the new development to fund the payments. Incremental HVT equals <br />the amount of new HVT that the new hotel development generates from a <br />baseline (Year 0). No upfront expenditures from the City would be <br />required. Each hotel agreement will be brought forward to City Council for <br />consideration. <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 Executive Director of the Community <br />Development Agency for the City of Santa Ana, or his /her <br />designee. <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 />Resolution No. 2016- <br />55E -54 <br />