04/08/2019 SELECT BOARD Minutes - Laserfiche WebLink

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. Y AMENDMENT NO. 2 TO HOST COMMUNITY AGREEMENT THE MASHPEE HOST COMMUNITY AGREEMENT ("Agreement")dated August 26, 2015 by and between Medical Marijuana of Massachusetts, Inc. (now known as M3 Ventures,Inc. d/b/a Triple M Mashpee), a Massachusetts non-profit corporation ("MMM") and the Town of Mashpee, Massachusetts ("Mashpee"), a municipality in the Commonwealth is hereby further amended, effective as of the date hereof, as follows. Article 1 (Host Community Annual Payment) of the Agreement is hereby deleted and the following Article is substituted therefor: 1. Host Communit Annual Pa -ent. It is anticipated that MMM's continued operation of the Dispensary will cause the Town to incur additional expenses and impacts upon its road system, law enforcement services, inspectional services, permitting services, administrative services and public health services, in addition to other potential unforeseen impacts upon the Town. In consideration thereof and in order to mitigate any direct and indirect financial impacts upon the Town from Dispensary operations,the parties acknowledge that MMM has made certain payments to Mashpee from 2016 to 2020, and that effective as of 2021, and for each year thereafter during which this Agreement remains in effect, MMM agrees to make Annual Payments to the Town in an amount equal to three percent (3%) of gross revenue received by MMM from all medical marijuana and medical marijuana product sales at the Dispensary (the "Annual Payments"). With respect to Annual payments for calendar year 2021,MMM shall make such payment on or before January 31,2022. Commencing in calendar year 2022 and in each year thereafter within the term hereof, MMM shall make said Annual Payments to the Town in two (2) six (6) month installments: the first installment, covering the first six(6)months of the operating year measured annually from the Opening Date, shall be paid to the Town within thirty(30)days after the date of the first six months of operation, and the second installment, covering the second six (6) months of the operating year, shall be paid within thirty(30) days after the end of the full year of operation. MM1\4 shall maintain its books, financial records and any other data related to its finances and Dispensary operations in accordance with standard accounting practices and any applicable regulations and guidelines promulgated by the Cannabis Control Commission.MMM shall submit an annual financial statement to the Town on or before March 1 of each year,which shall include certification of gross medical marijuana product sales and revenues for the previous calendar year and shall provide such other information and corroborating documentation as may be requested by the Town to ascertain compliance with the terms of this Agreement. Said information and documentation shall be treated by the Town as confidential proprietary information to the fullest extent allowed by law.