35-4-117. Price of full-service restaurant on-sale license set at or above current fair market value.
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/sd/title-35/chapter-35-4/35-4-117A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any municipality or county adopting the ordinance pursuant to § 35-4-111 shall, for a period of ten years following adoption of such ordinance, set the price of a new full-service restaurant on-sale license, pursuant to § 35-4-116 , at or above the current fair market value. However, the full-service restaurant on-sale license fee may not be less than the minimum on-sale license fee as provided in subdivision 35-4-2(4) or (6). For purposes of this section, the term, current fair market value, means the documented price of the on-sale license most recently sold through an arm's-length transaction, less the value of any real or personal property included in the transaction.
If there are no documented sales of on-sale licenses, the municipality or county may request from any on-sale license holder within the municipality or county, the date and price originally paid for its on-sale license to determine the current fair market value.