NEW YORK, NY May 27, 2008 —It'll take years and cost billions, but Verizon plans to make cable TV available to every city household by 2014.

A city board unanimously approved an agreement with the telecommunications giant allowing it to extend its fiber optic network throughout New York.

The city will collect a 5 percent fee on Verizon's revenues.

Comptroller Bill Thompson says the current city franchise holders, whose contracts are up this year, should take note.

THOMPSON: This is a blueprint for moving forward for both Cablevision and TimeWarner, and we're gonna expect to see similar things from them.

REPORTER: Verizon agreed to add funding for community access television and some consumer protections, but it got one changed in its favor.

The old penalty for a missed appointment was a month's free service. But the new penalty for Verizon will be just $25. The agreement still needs state approval.