UTILITIESAPPROVED

Village of Larchmont AgendaPacket Village Board of Trustees Regular Meeting 2026-06-22

Verizon Franchise Sets Fees and $52K PEG Grant

5% of annual Gross Revenue as franchise fee; PEG Grant totaling $52,000Village of LarchmontVERIZON NEW YORK INCJune 22, 2026

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Description

Under the renewed cable franchise, Verizon New York Inc. will pay the Village of Larchmont a 5% franchise fee on gross cable revenues and provide a $52,000 PEG capital grant over the five‑year term. The agreement also guarantees PEG channel capacity and outlines service to public buildings, audit rights, and enforcement provisions.

Contract Details

Contract Amount

5% of annual Gross Revenue as franchise fee; PEG Grant totaling $52,000

Vendor

VERIZON NEW YORK INC

Agency

Village of Larchmont, NY

Contract Type

UTILITIES

Document Date

June 22, 2026

Contract Term

5 years from NY PSC approval; franchise fee paid quarterly; PEG Grant in two $26,000 installments within 60 days of effective date and on first anniversary

Renewal Info

Franchise renewal establishes a 5% gross‑revenue franchise fee with quarterly reporting, six‑year audit lookback, and interest on underpayments. A $52,000 PEG capital grant is paid in two $26,000 installments. Verizon has a unilateral 12‑month termination option and competitive equity provisions tied to future video service providers.