Laserfiche WebLink
6A.D. - Page 5 <br />ALTERNATIVES <br />• Adopt Resolution and proposed Cannabis Business Tax measure with <br />modifications. <br />• Provide feedback on Resolution and proposed Cannabis Business Tax measure <br />and direct staff to return with more information, which would preclude the ability <br />to have a cannabis business tax on the November 6, 2018 ballot. <br />• Take no action, which would preclude the ability to have a cannabis business tax <br />on the November 6, 2018 ballot. <br />FISCAL IMPACT <br />Based on a conservative fiscal analysis prepared by the City's cannabis consultant, the <br />cannabis business tax is expected to generate an estimated $210,000 in unrestricted <br />general revenue annually. The revenue impact depends on the type and number of <br />commercial cannabis operator permits that are issued. The City Council has limited the <br />potential locations for cannabis business operations, and the city is currently <br />experiencing low property vacancy rates. As a result, staff expects relatively few <br />businesses operating from locations in Redwood City in the near term. Staff will provide <br />updates on cannabis business tax revenue annually. <br />The cost of placing the cannabis business tax measure on the ballot is estimated at <br />$30,000. This is provided for within the FY 2018-19 Adopted Budget. <br />ENVIRONMENTAL REVIEW <br />In accordance with CEQA Guidelines Sec. 15378(b)(4), submission of the tax to the <br />voters is not a project subject to the requirements of CEQA because it involves the <br />creation of a government funding mechanism which does not involve any commitment <br />to any specific project. <br />ej,,Xk�­ <br />ALEX KHOJIKIAN <br />DEPUTY CITY MANAGER <br />