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RESOLUTION NO. 2006- 107 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH ESTABLISHING AN AD HOC COMMITTEE TO <br />NEGOTIATE A POTENTIAL DEVELOPMENT AGREEMENT <br />BETWEEN THE CITY AND SUNSTONE HOTEL INVESTORS, INC. <br />WHEREAS, Sunstone Hotel Investors, Inc. has submitted an application <br />to develop timeshare units at 1107 Jamboree Road; and <br />WHEREAS, pursuant to Chapter 20.84 of the Municipal Code, the <br />approval of a timeshare development requires the City to enter into a <br />development agreement with the applicant. <br />NOW, .THEREFORE, the City Council of the City of Newport Beach <br />hereby resolves as follows: <br />Section 1. Establishment <br />An Ad Hoc Committee is hereby established for the purpose of negotiating a <br />development agreement between Sunstone Hotel Investors, Inc. and the City <br />of Newport Beach. <br />Section 2. Duties of the committee <br />The Committee shall have the following duties: <br />a) Work with City staff and designated representatives of Sunstone Hotel <br />Investors, Inc. on the terms and conditions of a possible development <br />agreement for the development of timeshare units at the Hyatt <br />Regency Newport Beach resort located at 1107 Jamboree Road. <br />b) Recommend to City Council action on the potential terms and <br />conditions of the development agreement. <br />Section 3. Composition of the Committee <br />The Committee shall consist of two (2) City Council Members appointed by, <br />and serving at the pleasure of, the Mayor. <br />