Laserfiche WebLink
. Such agreements shall reasonably insure, among other matters, <br />that <br />1. The developers obtain a written franchise from a <br />first-class national hotel chain. <br />2. The developers obtain firm financing commitments <br />for all private components of the development. <br />3. Architectural and engineering drawings are obtained <br />for a quality hotel structure. <br />4. The developers are contractually obligated to <br />construction of a first-class hotel of at least <br />200 rooms before construction is begun on the <br />city -owned facilities. <br />5. The financing arrangements include a significant <br />equity investment by the developers. <br />6. Adequate provision is made for the leasing and <br />operation of the parking garage and conference <br />center space. <br />7. Satisfactory arrangements are made between the <br />developers and the city for the use of any <br />arbitrage proceeds resulting from the reinvestment <br />of industrial development revenue bond funds. <br />8. Appropriate allocation is made of the -cost of land <br />and air rights or other interests therein to be <br />held by the city or the developers. <br />9. City Council retains the right to approve the final <br />project design and the developer will be required <br />to work with the City Council -appointed design committee <br />throughout the design process. <br />BE IT FINALLY RESOLVED that Council's expressed intention <br />is contingent upon the developers' obtaining the private <br />financing commitments for the project within a reasonable period <br />of time. The developers shall provide the City Manager with <br />bi-weekly reports on their efforts to obtain such commitments <br />and shall show evidence of progress satisfactory to City Council <br />within forty-five days after the adoption of this ordinance. <br />Adopted by Council <br />July 20, 1981 <br />Copy teste: <br />Clerk of Counci <br />• <br />