HomeMy WebLinkAbout1786 ORDINANCE NO. 1786
AN ORDINANCE OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AMENDING SUBSECTION (a) OF SECTION
5.26.040 OF THE PALM SPRINGS MUNICIPAL CODE, WITH
RESPECT TO FIRST CLASS NEW HOTELS PARTICIPATING IN
THE CITY'S HOTEL OPERATIONS INCENTIVE PROGRAM.
City Attorney's Summary
Currently a First Class New Hotel is eligible to receive an
incentive of 50% of the adjusted tax rate, this Ordinance amends
the existing hotel incentive program for a First Class New Hotel to
receive 75% of the adjusted tax rate.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS ORDAINS:
SECTION 1. Subsection (a) of Section 5.26.040 is amended to read as follows:
(a) First Class New Hotels. The city shall pay to an operator of a first class new hotel
an amount equal to seventy-five percent (75%) of the adjusted tax rate. Such payments
shall be made for twenty years or until the operator has been paid fifty million dollars,
whichever event occurs first. Without regard to any other provision of Chapter 5.26, a
First Class New Hotel must have begun vertical construction no later than December
31, 2013, to qualify to submit an application to participate in the Incentive program.
The City and a qualified participant under this section may enter into an
agreement, at the sole discretion of the City, to receive an increase in the percent of the
adjusted tax rate, for no longer than the first two-years of the qualified participant's
Incentive program.
Without regard to any preceding conditions of this section, the program shall
terminate at any point the first class new hotel is not operated as a first class hotel.
SECTION 2. The Mayor shall sign and the City Clerk shall certify to the passage
and adoption of this Ordinance and shall cause the same, or the summary thereof, to be
published and posted pursuant to the provisions of law and this Ordinance shall take
effect thirty (30) days after passage.
PASSED, APPROVED, AND ADOPTED BY THE PALM SPRINGS CITY
COUNCIL THIS 6T" DAY OF APRIL, 2011.
STEPH N P. POUGNE , MAYOR
Ordinance No. 1786
Page 2
ATTEST:
;JAII�ES THOMPSON, CITY CLERK
CERTIFICATION:
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, California, do
hereby certify that Ordinance No. 1786 is a full, true, and correct copy, and was
introduced at a regular meeting of the Palm Springs City Council on the 16th day of
March, 2011, and adopted at a regular meeting of the City Council held on the 6th day of
April, 2011, by the following vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills,
and Mayor Pro Tern Weigel.
NOES: None.
ABSENT: Mayor Pougnet.
ABSTAIN: None.
THOMPSON' CITY CLERK
;Cii—ES
ity of Palm Springs, California 0,6104zo/!