§ 5.56.060 — Payments

5.56.060 - Payments.

A. Acceptance fee. The grantee of any franchise granted pursuant to this chapter shall pay to the City upon acceptance of such franchise, a fee certain of $2,500.00. B. Annual franchise fee. The grantee of any franchise shall pay annually to the City during the life of the franchise a sum equal to five percent of the gross annual receipts of the grantee derived from subscriptions and users within the City, and in addition thereto such other sums as may be provided for in grantee's franchise. Such payments will be made to the Finance Director. C. Annual PEG facilities support fee. The grantee of any franchise shall pay annually to the City during the life of the franchise a sum equal to one percent of the gross annual receipts of the Grantee derived from subscriptions and users within the City for the purpose of supporting PEG channel facilities. The grantee shall file with the City, within 30 days after the expiration of any fiscal year or portion thereof during which such franchise is in force, a financial statement prepared by a certified public accountant, showing in detail the gross annual receipts, as defined in Section 5.56.010, of grantee during the preceding fiscal year or portion thereof. It shall be the duty of the grantee to pay to the City, within ten days after the time for filing such statements, the sum hereinabove prescribed or any unpaid balance thereof for the calendar year or portion thereof covered by such statements. In the event that the above payment is not received by the City within the specified time, grantee shall pay to the City liquidated damages of two percent per month on the unpaid balance in addition thereto. In any year during which payments under this section amount to less than $1,800.00 per year, the grantee shall pay the City as a minimum an amount equal to $1,800.00 per year. For any portions of a year, such minimum shall be prorated at the rate of $150.00 monthly. The City shall have the right to inspect the grantee's records showing the gross receipts from which its franchise payments are computed and the right of audit and recomputation of any and all amounts paid under this chapter. No acceptance of any payments shall be construed as a release or as an accord and satisfaction of any claim the City may have for further or additional sums payable under this chapter or for the performance of any other obligation hereunder. In the event of any holding over after expiration or other termination of any franchise granted hereunder, without the consent of the City, the grantee shall pay to the City a reasonable compensation and damages, of not less than 100 percent of its total gross profits during said period.

(Ord. 7387 § 4, 2017)