10-27-1999 Council Agenda - Laserfiche WebLink

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CITY OF LITTLE CANADA ORDINANCE NO. AN ORDINANCE AMENDING SECTION 701.010.(g), SECTION 703.030.(1), SECTION 703.030.(2), SECTION 703.030.(3), AND SECTION 703.030.(4) OF THE LITTLE CANADA MUNICIPAL CODE RELATING TO LIQUOR LICENSES. The City Council of the City of Little Canada hereby ordains: Section 1. Section 701.010.(g) is hereby amended as follows: (g) "On -Sale A Restaurant" is a restaurant meeting the minimum requirements set forth in Section 703.030. Section 2. Section 703.030.(1) is hereby amended as follows: (1) Initial Investment. An applicant for an "on -sale restaurant" license must initially invest or propose to invest in the business a minimum of Three Hundred Fifty Thousand Dollars ($350,000.00), including all fees, site development, utilities, furnishings, fixtures and construction costs based upon 1999 construction costs. The required amount shall be periodically adjusted upward or downward by amendment to this section to reflect changes in construction costs as reflected in commonly accepted construction costs indices. In the case of multi - purpose buildings such as shopping centers, motels, hotels, and the like, only that portion of the building directly attributable to the preparation, handling, storing, consumption or serving of food and liquor shall be considered in determining the value of the investment. In the event that a license is proposed for an existing structure, the value shall be determined by review of documents evidencing a sale of the property within the twelve (12) months preceding issuance of a license for the property in question. All documented costs associated with the renovation and furnishing of the property may be added to the purchase price when evaluating compliance with the initial investment requirement. An applicant holding a leasehold interest in property may also use the fair market value of the property for real estate tax purposes as determined by the City Assessor in the year the license is first issued for determining whether the initial investment requirement has been satisfied. An applicant purchasing an existing licensed business and requesting a license transfer must establish that the fair market value of the business equals the amount of the initial investment required hereunder. The Council may provide for an independent appraisal at applicant's expense, as an aid in determining the investment or the value of said business. In the event this requirement as to investment is not complied with within one year from the date of issuance of the license, the license may be revoked or suspended. PAGE 179