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transfer must establish that the fair market value of <br />the business equals the amount of the initial <br />investment required hereunder. The Council may provide <br />for an independent appraisal at applicant's expense, as <br />an aid in determining the investment or the value of <br />said business. In the event this requirement as to <br />investment is not complied with within one year from <br />the date of issuance of the license, the license may be <br />revoked or suspended. <br />2. Building Area. A restaurant building containing a <br />minimum of 2,000 square feet used for seated dining <br />purposes, including the bar area but excluding the area <br />used for kitchen, storage, restroom facilities, waiting <br />areas, and entrance and exit purposes. <br />3. Seating Capacity. A restaurant building having <br />appropriate facilities and adequate staff to serve <br />meals at tables and, for seating not less than 100 <br />guests at one time for meals, including seating <br />available for food service in the bar area but <br />excluding seating in a lounge or waiting area. <br />4. Maximum Liquor Sales. The sale of intoxicating liquor, <br />wine or non - intoxicating malt beverages shall not <br />exceed 50 percent of the restaurant's gross yearly <br />sales. The words "non- intoxicating liquor" as used in <br />this Chapter shall mean any malt liquor containing not <br />less than one -half of one percent (1/2 of 1 percent) <br />alcohol by volume nor more than 3.2 percent alcohol by <br />weight and is a fermented malt beverage for the <br />purposes of Minnesota Statutes 1965, Sections 340.44 to <br />340.56. <br />702.030. "ON -SALE B TAVERN" INTOXICATING LIQUOR LICENSE. <br />For the purpose of this Chapter, every place used, maintained, <br />advertised or held out to be a place where intoxicating or non - <br />intoxicating liquor is sold for consumption on or off such <br />premises, and in addition to such sale of intoxicating or non - <br />intoxicating liquor also provides dancing, singing, or vaudeville <br />performances or entertainment for its guests, or provides for <br />them the privilege of dancing. <br />702.040. APPLICATION PROCEDURE. Any person desiring a <br />license to operate a tavern shall make his application in writing <br />to the City Council by filing said •application with the City <br />Clerk. The following information shall be set forth in the <br />application: <br />1. The name and place'of residence of the applicant. <br />PAGE 122 <br />