Lake Tahoe Inn Development Site Sample Clauses

Lake Tahoe Inn Development Site. In addition to the above conditions precedent to the Agency acquisition of the Phase 2 Property, ASCRP shall provide to the Agency, at least ninety (90) days prior to the date on which the Developer gives the Agency a notice of intent to construct Phase 2 pursuant to Section 3.01(e), a development plan for the Lake Tahoe Inn Site which at a minimum shall provide the number of tourist accommodation units projected to be constructed on the Lake Tahoe Inn Site, the type of TAUs to be constructed, the amount of meeting space included in the development, the operator of the resort and financial information on the rental rates for the TAUs, the sales prices for any multiple ownership units, and such other information as is necessary for the Agency to determine the revenue generation capacity of the proposed development. The Agency shall approve or disapprove the development plan for the Lake Tahoe Inn within thirty (30) days of receipt of the development plan. The Agency shall approve the development plan if the development plan provides for the development of 325 units to be sold as quarter share interests, and the financial information presented by ASCRP, or at the Agency's discretion, financial information and projections generated by the Agency's consultants, demonstrate that the revenue generating capacity of the development plan is equal to the Phase 2 revenue projections as set forth in the Financing Plan, the number of TAUs required to be transferred by the Agency is not greater than 409, the development design component conforms to the Agency and City design guidelines and is consistent with the Phase 1 design elements, there is at least 9,000 square feet of meeting space within the development (the 9,000 square feet of meeting space may include meeting space elsewhere on the Development Site, including meeting space at the Gondola top station), and the operation plan for the resort is consistent with a four star resort. The Agency will not approve the development plan for the Lake Tahoe Inn Development Site if the plan proposes operating the development as a Grand Summit Resort. If the Agency disapproves the development plan, the Agency shall notify ASCRP of the reasons for such disapproval in writing. ASCRP shall have thirty (30) days from receipt of the Agency disapproval to resubmit a revised development plan. In the event ASCRP proposes to sell any of the units at the site as single ownership units, ASCRP shall consult with the Agency regarding whe...
Sample 1
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