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Chapter 703 — Intoxicating Liquor <br />Chapter 703.030. MINIMUM STANDARDS FOR "ON -SALE RESTAURANT ". <br />These standards were established in 1999, and the $315,000 investment cited in the <br />ordinance was based on the Porterhouse valuation at the time. The ordinance states that <br />this value is to be adjusted based on constructions costs as reflected in commonly <br />accepted construction costs indices. <br />In conducting an internet search I could find no construction indices going hack to 1999 <br />without paying a cost for obtaining these indices. Therefore, I used the CPI from 1999 to <br />determine the present value of the $315,000 investment, and that number is $422,522 for <br />2011. 1 then reviewed restaurants of a somewhat similar nature to the Porterhouse <br />(excluding restaurants adjacent to major shopping centers), to determine current values. <br />See below: <br />County EMV County EMV <br />Sq. Feet Pay 2012 Pay 2011 <br />Porterhouse 3,036 $539,400 $599,300 <br />Bear Town (WBL) 4,0I2 $557,900 $619,900 <br />Mad Jacks (VI -I) 7,599 $1,795,500 $1,995,000 <br />Manitou Station 12,880 $2,280,000 $2,400,000 <br />Guldens 10,260 $1,011,600 Same <br />Applebee's (WET) 5,464 $1,040,400 $1,156,000 <br />If the goal is to encourage higher valued restaurant of 5,000 square feet or greater, staff <br />would recommend the On -Sale Restaurant valuation be set at $1,000,000 with the <br />assumption that this value could be adjusted if a good opportunity conies along. Staff is <br />also recommending that the ordinance he amended so that the valuation can be adjusted <br />based on the CPI rather that construction cost indices. <br />Chapter 704 — On -Sale Wine <br />Housekeeping change only. <br />Chapter 706 — Dancing and Entertainment License <br />Elimination of this License entirely. <br />Staff recommends adoption of the Liquor Ordinance changes as proposed, as well as <br />approval for summary publication of Liquor Ordinance amendments. <br />2 <br />