75E-3 - IN-LIEU FEE AGMT COMMERCIAL CANNABIS

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9 law to be included in or added to the purchase price and collected from the consumer or purchaser, or such part of the sales price of any property previously sold and returned by the purchaser to the seller which is refunded by the seller by way of cash or credit allowances given or taken as part payment on any property so accepted for resale. D. "Gross receipts" shall be calculated without any deduction on account of any of the following: • The cost of tangible property sold or bartered; • The cost of materials or products used, labor or service cost, interest paid, losses, or other expense; or • The cost of transportation of the commercial cannabis, or other property or product. Remittance and Reporting. A. Payment. Beginning as set forth below and monthly thereafter, each commercial cannabis business is required to pay to the City the applicable In -Lieu fee set forth in Sections 2 and 3 of this Agreement. In addition the commercial cannabis business owner shall report to the City any gross receipts received during the preceding monthly reporting period and shall remit to the City on or before the last day of the month following the fees due and owing during said period as applicable. For purposes of this section, month shall mean calendar month, and any fraction of a month shall be deemed to be a whole month and In -Lieu fees shall begin to accrue on the date that a person or entity first receives a Commercial Cannabis Regulatory Safety Permit. When the last day of the month falls on a City Holiday or City Hall Closure Date then the reporting/remittance date shall fall on the next City business day following. When reporting/remitting is made by mail then the postmark date shall serve as proof of timely reporting/remittance. More than one location. The payment of the In -Lieu fee is required monthly for each separate branch location or separate property location of the commercial cannabis business and for each state cannabis license type approved by the state and permitted by the City. C. Records Inspection. Owner acknowledges and agrees that the City is empowered to examine Owner's books and records, including tax returns, to ascertain the amount of the fee due and owing. The City or its authorized agents have the power and authority to examine such books and records at any reasonable time, including but not limited to, during normal business hours. If the City wishes to inspect the areas of the commercial cannabis business where cannabis is being cultivated, City must provide Owner with written notice, with such notice being provided in a reasonable time, requesting entry into the cultivation and curing areas. City agrees that all of its employees or agents that enter the cultivation and curing areas shall follow all of the policies and guidelines imposed on Owner's employees, including without limitation, rd 75E-3-6