(A) Applicants for an initial franchise shall submit to the town a written application utilizing, if available, a standard format provided by the town, at the time and place designated by the town for accepting applications. The application shall include, at a minimum, the following:
(1) Applicant’s proper business, corporate or partnership name;
(2) If a corporation, applicant shall also state the corporation’s process agent address for service of notice, provide a certified copy from the North Carolina Secretary of State of authorization to do business in the state;
(3) If a partnership, application shall also contain names and addresses of all partners, names and addresses of general partner(s) responsible for overseeing the management of the franchise;
(4) Financial statement certified by a certified public accountant;
(5) Insurance bonds and certificates; and
(6) Any other material required by this chapter or reasonably requested by the town.
(B) In awarding a franchise, the town shall enter into agreement with franchisee upon any reasonable conditions it may require and subject to the provisions of this chapter and applicable law.
(C) An application fee in an amount to be determined by the Town Council shall be paid for each initial franchise at the time of application for franchise, which fee shall be in the form of cash, certified check or money order to defer the cost of studying, investigating and otherwise processing the application and which shall be in consideration thereof and not refundable or returnable in whole or in part. To offset the effects of inflation, the amount of the application fee provided for herein, is subject to reasonable increase in accord with the annual rate of inflation.
(D) Any administrative fee associated with the renewal of a franchise agreement shall be negotiated in the renewed franchise agreement.
(E) Any conditions attached to the payment of an application fee shall be enumerated in the franchise agreement.