10A
THE DAILY ASTORIAN • TUESDAY, JULY 28, 2015
Pot:
Paying
taxes with
cash could
be tricky
Continued from Page 1A
Marijuana taxes are pro-
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in the fiscal year beginning
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Marijuana
businesses
typically operate on a cash
basis because banks are un-
willing to provide accounts
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the Treasury issued guid-
ance to banks in 2014 that
they could do business with
state-sanctioned marijua-
na businesses, but future
presidential administrations
could reverse that policy
and the burden is still on fi-
nancial institutions to report
suspicious activities such as
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“The banks are worried
about jeopardizing their
federal charter because the
feds still consider marijua-
na to be illegal,” said Tom
Towslee, a spokesman for
the Oregon Liquor Control
Commission, which will
implement Oregon’s new
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Riverwalk: Orr, Trabucco seek new 10-year lease
Continued from Page 1A
after getting a closer look at
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The Port has moved to ter-
minate the lease held by Brad
Smithart, the operator, who has
fallen behind in payments to
the Port, the city and Clatsop
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The Port’s Board of Com-
missioners has scheduled a
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QLJKWWRKHDUSURSRVDOV
“I think that they will un-
derstand what are the imme-
diate opportunities of outside
people wanting to come in
and take over this hotel,”
Knight said of the public
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Orr, who graduated from
Astoria High School and the
University of Oregon, said
he remembers the inn when it
was the Thunderbird and Red
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“When I was a kid it was
the place to go,” said Orr, who
leads a salmon processing and
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no reason why it still couldn’t
be among the top hotels in As-
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EHDWLW´
Marina village
Orr and Trabucco de-
scribed the potential for a
marina village, with the Riv-
erwalk Inn part of a string of
Uniontown properties like the
Cannery Pier Hotel, Bridge-
water Bistro and Holiday Inn
([SUHVV
The Port property, which
is now underused, could be
redeveloped to help connect
visitors and cruise ship passen-
gers with the Riverwalk, the
Astoria Riverfront Trolley and
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Other suitors have talked
about the Riverwalk Inn more
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“I think it’s the last iconic
property that hasn’t been ad-
dressed in Astoria,” Trabucco
VDLG
Trabucco’s name surfaced
earlier in connection with the
Riverwalk Inn, but the devel-
oper had said his group was
Stephen and Karen Allen,
the couple behind the Wet Dog
&DIH $VWRULD %UHZLQJ &R
and Pier 11, are also interested
Partnership
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Orr and Trabucco are seek-
The partnership has set
ing a new, 10-year lease for the aside $350,000 to pay off any
property, with three 5-year re- GHEWVUHODWHGWRWKHOHDVH
QHZDORSWLRQV7KHSDUWQHUVKLS
The letter of intent indicates
is also interested in the site of the partnership would invest a
a former restaurant, lounge and minimum of $2 million to sta-
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bilize the hotel and then sig-
Orr and his wife, Sara Ful- QL¿FDQWO\XSJUDGHWKHJURXQGV
ton Orr, would hold majority URRPVDQGH[WHULRUIDFDGH
ownership interest in Astoria
“This is probably a project
Hospitality Ventures, accord- that I wouldn’t do if it weren’t
ing to a letter of intent deliv- in Astoria,” said Orr, who said
HUHG WR WKH 3RUW ODVW ZHHN the city where he grew up has
Fulton Orr’s brother, Stephen ³D VSHFLDO SODFH LQ P\ KHDUW
Fulton, serves as a Port com- I’d like to do something local
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LQ$VWRULD´
no longer interested after it ap-
peared other contenders had a
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Tax rates
$OWKRXJK 2UHJRQ¶V
percent sales tax on recre-
ational marijuana takes ef-
fect in January, consumers
will likely initially pay a
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state-licensed recreational
pot retailers expect to open
in late 2016, and the Legis-
lature passed a higher tax
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medical marijuana dispen-
sary sales to recreational
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That tax also takes effect
in January so consumers will
have a short window to buy
limited amounts of tax-free
recreational pot from med-
ical marijuana dispensaries
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all adults in Oregon age 21
and older can now possess
marijuana, there is currently
no legal outlet where people
FDQEX\WKHGUXJ
During a hearing in May,
Department of Revenue leg-
islative coordinator Dean-
na Mack told lawmakers it
would be challenging for
the agency to handle the
FDVK SD\PHQWV 0DFN VDLG
Oregon could follow the ex-
ample of Washington state,
where recreational canna-
bis businesses can pay their
taxes in cash at the state
FDSLWDO
“We figure we’d do
something like what Wash-
ington is doing, requiring
them to bring the cash to
2O\PSLD´ 0DFN VDLG ³0\
understanding is even to se-
cure the premises will take
a couple months with con-
WUDFWRUV´
Drop boxes
Mack said the state
could also install drop box-
es around the state for pot
businesses to deposit cash
tax payments, if business
owners or employees cannot
WUDYHOWR6DOHP
Towslee said the Oregon
Liquor Control Commission
does not plan to accept large
DPRXQWVRIFDVK
“The
really
large
amounts of cash are going
to be collected in taxes,”
7RZVOHHVDLG
Cannabis
businesses
will have to pay the com-
mission’s application and
licensing fees, but “both of
those are handled online,”
7RZVOHHVDLG³,W¶VJRLQJWR
have to be done some way
RWKHU WKDQ FDVK 6R DOO WKH
plans we had to accept large
amounts of aromatic cash
DUHRIIWKHWDEOH´
The Capital Bureau is a
collaboration between EO
Media Group and Pamplin
Media Group.
Get the latest local
news online at
DailyAstorian.com
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