City Compensation Rate Adjustment Procedure. During the Term of this Agreement, the City Manager and Developer shall meet and confer, at least three (3) months prior to the date which is every 5th anniversary of the Term (each such date, a “Rate Adjustment Date”), to reconfirm or reestablish the City Compensation. Within six (6) months of the Effective Date of this Agreement the City and Developer shall establish by Operating Memorandum a determination of a baseline relationship between existing cannabis products sales volume per square foot of GBA, or other appropriate standard as agreed to by the parties, and the City Compensation of $2.50/SF of GBA. This baseline ratio shall be the ongoing basis of establishing equitable City Compensation Rate during the Term of this Agreement; provided however, in no event shall the City Compensation Rate increase on any Rate Adjustment Date by more than three percent (3%) of the City Compensation Rate in effective on the immediately prior Rate Adjustment Date.
City Compensation Rate Adjustment Procedure. During the Term of this Agreement, the City Manager and Developer shall meet and confer, at least three (3) months prior to the date which is every 5th anniversary of the Term (each such date, a “Rate Adjustment Date”), to reconfirm or reestablish the City Compensation. Within six
City Compensation Rate Adjustment Procedure. During the Term of this Agreement, the City Manager and Develope_r shall meet and confer, at least three (3) months prior to the date which is every 5th anniversary of the Term (each su h date,a "Rate Adjustment Date"), to reconfirm or reestablish the City Com ens t1on•. The adjustment rate within the 5th year shall be tied to the prior years C hforn_1a weighted state average consumer price indexes. (CCPI). In no event shall said adJustment be lower than 3% nor greater than 6%.
