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Operating Agreement <br /> ................................................................................................................................................................................... <br /> • All billboards would be subject to executing an Operating <br /> Agreement (OA) providing a minimum annual guarantee fee to <br /> the City equivalent to $90,000 per face of the digital billboard <br /> or 30% net advertising revenue (whichever is greater), and <br /> • The OA template includes provisions allowing sites to reduce <br /> obligations to remove nonconforming billboards, subject to <br /> meeting certain criteria: <br /> — Demonstrate provisions providing net economic and community <br /> benefits through an Economic and Community Benefits Plan <br /> — Being a regional automobile dealership, business, or commercial <br /> center, and <br /> — Meeting the minimum taxable sales required and providing a minimum <br /> of 20 percent local employment, commitment to physical onsite <br /> improvements, as well as committing to minimum 30 percent displays <br /> of goods or products sold onsite <br /> / Billboard Ordinance Update <br /> Slide 22 Planning and Building Agency <br /> June 21,2022 <br />