(a) As compensation for rights granted under Chapter 721, cable operators shall pay to the Village a franchise fee of five percent (5%) of the cable operator's gross revenues.
(b) As compensation for rights granted under Chapter 721, competitive video service providers shall pay to the Village a fee of five percent (5%) 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 929 of the Village.
(d) The Village 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 Village as a result of the audit shall be paid by provider within thirty (30) days after the provider receives a written notice from the Village. The notice which the Village sends to provider shall include a copy of the audit report. Provider shall pay the cost of the audit if the Village determines that the annual payment to the Village for the preceding year is thereby increased by more than five percent (5%).
(e) In the event that payment of any fee set forth in this Section, which has been recomputed pursuant to subsection (d) above is not made on or before the expiration of thirty (30) days following written notice by the Village, 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 two hundred (200) basis points of interest compounded daily from the due date for payment of the recomputed amount. The prevailing prime rate shall be the prime rate of National City Bank in Cleveland, Ohio.
(Ord. 1264. Passed 6-11-07.)