The term of such license shall be fifteen (15) years; and the annual license fee, in lieu of all license and business and occupational taxes, shall be one hundred dollars ($100.00), payable on or before January 15 in each year. If such license is granted after January 15 in any year, the said license fee shall be prorated for the first year. The City reserves the right to review and modify said license fee from time to time. (1977 Code § 5.28.050)