A. The franchise fee payable to the City by a franchisee shall be five percent (5%) of gross revenues, as the term “gross revenues” is defined by the Act.
B. Franchisees shall retain all records reflecting any gross revenues for at least four years. City or its agent may, not more than once annually, examine those records to the extent reasonably necessary to ensure compliance with this section. The costs of such examination shall be paid by Franchisee if the examination establishes an underpayment of franchise fees by more than five percent.