HomeMy WebLinkAboutResolution 098-2011Resolution No. 98 -1 1
A Resolution Establishing the Fee for the Issuance of
Full- Service Restaurant On -Sale Licenses in the City of Brookings
Be It Resolved by the City Council of the City of Brookings, South Dakota as follows:
Whereas, the State of South Dakota has authorized municipalities to issue full - service
restaurant on -sale licenses pursuant to SDCL 35 -4 -1 10 through 35 -4 -120; and
Whereas, as required by State law, the license fee charged for a Full- Service Restaurant On -Sale
License shall be set at or above the current fair market value for such license, based upon the
documented price of the On -Sale License most recently sold between January I, 2003 and
January 1, 2008, through an arm's - length transaction; and
Whereas, the license fee charged for a Full- Service Restaurant On -Sale License as provided
herein is based upon the foregoing statutes, and it has been determined that the City of
Brookings is required to recognize transfers of its Operating Agreements during the period
between January I, 2003 and January 1, 2008, and the City of Brookings, in compliance with
that determination, evaluated documents establishing the amount paid for the Operating
License under the procedure set forth in SDCL 35 -4 -120; and
Whereas, in accordance with SDCL 35 -4 -1 17, the City of Brookings has received and has
thoroughly reviewed documentation of the price attributed to the sale and transfer of an
Operating Agreement to Gus Theodosopoulos, which is the most recent transaction occurring
between January 1, 2003 and January 1, 2008; and
Whereas, the documented price set forth in the Gus Theodosopoulos Purchase Agreement is
determined to be $100,000, which constitutes the fair market value to be utilized as the
minimum price of a Full- Service Restaurant On -Sale License in the City of Brookings.
Now, Therefore, Be It Resolved that the fee for the issuance of Full- Service Restaurant On -Sale
Licenses in the City of Brookings shall be One Hundred Thousand Dollars ($100,000.00).
Passed and adopted: August 9, 201 1
Motion to Reconsider: August 23, 201 1 TABLED to August 30, 201 I
Adopted: August 30, 201 I APPROVED
Shari Thornes, City Clerk
CITY OF BROOKINGS
Tim Reed, Mayor