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(a) For each branch establishment or separate property location of a commercial <br />cannabis business transacted and carried on in the city, and for each separate type <br />of commercial cannabis business conducted at the same location, the higher of the <br />two (2) following tax rates shall be due to the City for each monthly reporting period: <br />(1) Up to ten percent (10%) of each dollar of gross receipts received or <br />generated for each monthly reporting period. <br />(2) Up to $35.00 per square foot (annual tax rate) prorated monthly to one - <br />twelfth (1/12th) of the annual tax rate amount. <br />(b) These tax rates shall not be adjusted for inflation pursuant to section 21-121 of this <br />Chapter. <br />(c) Notwithstanding the tax rates imposed herein under subsection (a), the City Council <br />may, in its discretion, at any time by resolution, implement any lower tax rate it <br />deems appropriate, and may by resolution increase such tax rate from time to time, <br />not to exceed the maximum rates established by subsection (a). <br />(d) As of the operative date of this Article, the business license gross receipts tax rates <br />and square footage tax rates application to specific commercial cannabis business <br />activities have been established by city ordinance [(Ordinance No. NS-2962, <br />Section 2 (ExhibitA-1), adopted 11-6-18; and Ordinance No. NS-2972, Section 7, <br />adopted 9-3-19)] and by the following resolutions as referenced herein below in <br />subsections (s), (t), and (u). <br />Commercial Cannabis Business Activity <br />Gross Receipts <br />Gross Square <br />Footage Tax <br />Tax Rate <br />Rate <br />Adult -use Cannabis Retail Business (including Delivery) <br />(effective beginning December 21, 2018 through <br />8% <br />$ 25.00 <br />December 31, 2022) <br />Adult -use Cannabis Retail Business (including Delivery, <br />but not including Consumption Lounge and Temporary <br />Consumption and/or Special Events) (effective beginning <br />7% <br />$ 25.00 <br />January 1, 2023) <br />Adult -use Cannabis Retail Business (including Delivery <br />and Consumption Lounge) <br />7% <br />$ 25.00 <br />(effective beginning January 1, 2023) <br />Adult -use Cannabis Retail Business (Temporary <br />Consumption and/or Special Events) <br />7% <br />$ 0.00 <br />(effective beginning January 1, 2023) <br />Ordinance No. NS-3026 <br />Page 55 of 69 <br />