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termination at least ninety (90) days in advance of the date of termination of
<br />business. If the decision to terminate business is made within less than a ninety
<br />(90) day period prior to the date of termination, the owner/operator shall then
<br />immediately notify the collector of said decision and the date of termination of
<br />business.
<br />ii. Sale, assignment, or transfer of business. A commercial cannabis business
<br />owner/operator who is selling, assigning, or otherwise transferring their
<br />business (hereinafter collectively referred to as transferor) shall notify the
<br />collector in writing of such sale, assignment, or transfer at least ninety (90) days
<br />in advance of the date of the sale, assignment, or transfer and shall notify the
<br />collector in writing of the name and address of the purchaser, assignee,
<br />transferee, or other successor in interest (hereinafter collectively referred to as
<br />successor) unless the decision to sell, assign, or otherwise transfer their
<br />business was made within less than a ninety (90) day period prior to the sale,
<br />assignment, or transfer, in which case the transferor shall then immediately
<br />notify the successor of the successor's responsibility for unpaid business
<br />license taxes, including penalties, interest, charges, fees, or costs (hereinafter
<br />collectively referred to as business license tax liabilities) for the period prior to
<br />the sale, assignment, or transfer as set forth in subsections (d) and (e) below,
<br />and shall further certify in writing to the collector that the successor was notified
<br />of the requirements of this Article regarding their responsibility for unpaid
<br />business license tax liabilities.
<br />(b) Remitting and reporting requirements. Each commercial cannabis business
<br />owner/operator upon the sale, assignment, or other transfer, or termination of
<br />business for any reason shall, on or before the last day of the month following the
<br />sale, assignment, transfer, or termination of business, file a final return to the
<br />collector on City approved forms, of the total gross receipts received, adjustments
<br />to gross receipts, the amount of business license tax collected for the reporting
<br />period, remittances made, if any, and the balance of the business license tax due, if
<br />any, shall be remitted to the collector.
<br />(c) Closeout audit. After filing the final return and remitting the balance due, the
<br />commercial cannabis business owner/operator shall make its records of account
<br />available for a closeout audit by the collector, his or her revenue officers, or duly
<br />authorized employees or agents of the City. The decision to perform a closeout audit
<br />shall be made solely at the discretion of the collector. If, upon closeout audit, or by
<br />means of other information available to them, the collector determines that the
<br />owner/operator selling, assigning, or otherwise transferring, or terminating their
<br />business is found to have satisfied all business license tax liabilities, the collector
<br />shall issue to such business owner/operator a certificate of nonliability.
<br />If, upon closeout audit, or by means of other information available to them, the
<br />collector determines that the owner/operator selling, assigning, or otherwise
<br />transferring, or terminating their business is deficient in either their return or
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