(1) The applicant has been licensed by the state pursuant to the Colorado Retail Marijuana Code;

(2) The applicant has at least $400,000 in liquid assets in the applicant's control and readily available to the applicant, as evidenced by bank statements, lines of credit, or the equivalent to show that the applicant has sufficient resources to operate a retail marijuana store;

(3) The applicant, and the applicant's officers, directors, owners, agents and employees, have not been convicted of a felony in the three years immediately preceding his or her application date or who is not currently subject to a sentence for a felony conviction;

(4) The applicant must have at least two years of experience operating a licensed marijuana establishment in Colorado within the last four years;

(5) At least one of the owners, with at least one percent ownership, applying for a license must have been a resident of the state for at least one year prior to the date of the application;

(6) The applicant must be in good standing with the state licensing authority;

(7) The applicant shall not have incurred administrative penalties related to the operations of a marijuana establishment in Colorado in the previous three years;

(8) The applicant and the applicant's officers and executives are in compliance with all state and local laws relating to taxes;

(9) The applicant must certify that he/she will not employ as a manager or other employee any person who has been convicted of a felony in the three years immediately preceding his or her application date or who is currently subject to a sentence for a felony conviction;

(10) The applicant must prevent the odor of marijuana from being detected by any person at the exterior of the retail marijuana store or perceptible at any adjoining use or business of the retail marijuana store and shall install an air filtration system to filter the odor of marijuana, if necessary;

(11) The applicant's security plan must demonstrate that the applicant will implement security measures that exceed the requirements set forth in the Colorado Retail Marijuana Code, the City Code and any rules adopted pursuant thereto. If the security plan includes specialized details of security arrangements it will be protected from disclosure as provided under the Colorado Open Records Act, C.R.S. § 24-72-204(2)(a)(VIII). If the city finds that such documents are subject to inspection, it will attempt to provide at least 24-hour notice to the applicant prior to such disclosure;

(12) An applicant shall submit an operating plan. The operating plan may include a staffing plan that will provide and ensure adequate staffing and experience for all accessible business hours and adequate security and theft prevention; an operations manual that demonstrates compliance with the Colorado Retail Marijuana Code and the City Code; proactive consumer education practices; a description of an employee training program; and a list of best operational practices; and

(13) An applicant shall submit a business plan. The business plan shall clearly demonstrate the applicant's ability to operate in a highly regulated industry, and may include a scope of work for the planning and development of the proposed business; a scope of work for capital improvements for the proposed business; an estimate of first-year revenues; an estimate of first-year operating expenses and evidence that the applicant will have the resources necessary to pay for those expenses; and a description of the applicant's history of compliance in another highly regulated industry.