(a) As compensation for rights granted under this Chapter 711, cable operators shall pay to the City a franchise fee of 3% of the cable operator's gross revenues.
(b) As compensation for rights granted under Chapter 711, competitive video service providers shall pay to the City a fee of 3% of the competitive video service provider's gross revenues.
(c) Consistent with Ohio R.C. 4939.05(B)(4), any fees paid by a cable operator or competitive video service provider under this chapter will be credited, offset, or deducted from any public way fee assessed in Chapter 921.
(d) The City shall have the right to audit and to recompute any amounts determined to be payable in satisfaction of the fees set forth in this section. Any additional amount due the City as a result of the audit shall be paid by provider within 30 days after the provider receives a written notice from the City. The notice which the City sends to provider shall include a copy of the audit report. Provider shall pay the cost of the audit if the City determines that the annual payment to the City for the preceding year is thereby increased by more than 5%.
(e) In the event that payment of any fee set forth in this section, which has been re-computed pursuant to division (d) of this section is not made on or before the expiration of 30 days following written notice by the City, the provider shall be charged and shall pay, in addition to the amount due, interest on the amount due equal to the prevailing prime rate plus 200 basis points of interest compounded daily from the due rate for payment of the re-computed amount. The prevailing prime rate shall be the prime rate of National City Bank in Cleveland, Ohio.
(Ord. 2007-50. Passed 5-7-07.)