(A) Subject to applicable law, in the event that a franchise is terminated, revoked, or is not renewed upon expiration, then grantee shall, upon demand of the city, and at its sole expense, promptly remove all or any portion of its cable system. In removing its cable system, grantee shall refill, at its own expense, any excavation it made and leave all streets in as good condition as that prevailing prior to grantee's removal of its cable system without materially affecting the electrical or telephone cable, wires, or attachments. The liability, indemnity, insurance, security fund and bonds required under the franchise shall continue in full force and effect until such removal is accepted as complete by the city.
(B) Subject to applicable law, in the event that a franchise is not renewed and the city acquires ownership of a cable system or effects a transfer of ownership of a cable system to another person, any such acquisition or transfer shall be at fair market value, determined on the basis of the cable system valued as a going concern, but with no value allocated to the franchise itself. If a franchise is revoked for cause and the city acquires ownership of the cable system or effects a transfer of ownership of the cable system to another person, any such acquisition or transfer shall be at an equitable price. The value of a cable system (fair market value or equitable price) shall be determined by an appraisal committee consisting of three disinterested appraisers. The city and grantee shall each select at their individual discretion one appraiser, and the two selected appraisers shall agree upon and appoint a third appraiser.
(Ord. 4315, passed 11-12-96)