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time as the Hotel ceases to operate as a four to five star rated or <br />AAA Four Diamond or above Hotel for reasons other than <br />Temporary Closure; provided that the Incentive Payments shall <br />terminate upon any closure unless the Owner notifies the City, in <br />writing, of any Temporary Closure within ten (10) days of the initial <br />occurrence of the onset of such condition or conditions that cause <br />such a Temporary Closure, <br />5. Labor Peace Agreement. For each Hotel covered by this Hotel <br />Development Incentive Program in which the City participates financially and has a <br />proprietary interest, the City shall require that the Hotel Owner or Operator execute a <br />Labor Peace Agreement with any labor union that represents or seeks to represent <br />employees of the Hotel, both during construction and operation of the Hotel. The City <br />shall be deemed to participate financially and have proprietary interest in the Hotel <br />project where the City both owns the site on which the Hotel is proposed, and the City <br />Council determines that the City: <br />a. Through a lease of the real property that is owned by the City and <br />used for the Hotel project, receives ongoing revenue, excluding <br />government fees, tax revenue, or assessment revenue, or similar <br />fees and revenues, except for tax revenue under the circumstances <br />specified in paragraphs (b) and (c) of this subsection; <br />b. Receives ongoing revenue from the Hotel to repay loans provided <br />by the City to assist the Hotel, including, without limitation, <br />incremental tax revenues generated by the Hotel; <br />c. Receives ongoing revenue from the Hotel to pay debt service on <br />bonds provided by the City to assist the Hotel, including, without <br />limitation, incremental tax revenues generated by the Hotel; <br />d. Has significant assets at risk because it has agreed to underwrite or <br />guarantee the development of the Hotel or loans related to the <br />Hotel; or <br />e. Has a significant ongoing economic and non - regulatory interest at <br />risk in the financial success of the Hotel that is likely to be <br />adversely affected by labor- management conflict. <br />When a Labor Peace Agreement is required, evidence shall be presented to the City <br />that the Owner or Operator has entered into a Labor Peace Agreement with any labor <br />union that represents or seeks to represent employees of the Hotel, both during <br />construction and operation of the Hotel, meeting the requirements of this section, prior <br />to entering into an Operating Covenant Agreement for a hotel project covered by this <br />Section. <br />Resolution No. 2016- <br />55E -59 <br />