Upon termination of franchise term or revocation of franchise the grantor may, in accordance with and to the extent permitted by 47 U.S.C. § 547, upon the payment of a fair valuation, purchase, condemn, acquire, take over, and hold the property and plant of a grantee, in whole or in part, on the following conditions:
(A) Upon revocation of a franchise, a fair valuation shall be an equitable value that shall not include any sum attributable to the value of the franchise itself, and plant and property shall be valued according to its book value at the time of revocation, or the system's initial cost less depreciation and salvage.
(B) At the expiration of a franchise agreement and following a denial of renewal of the franchise agreement, a fair valuation shall be the fair market value of the plant and property, exclusive of the value attributed to the franchise itself.
(C) In the event grantor shall acquire a franchise pursuant to the provisions of this chapter or a franchise agreement, and commence operation of the system, grantor shall reimburse the grantee for the fair market value of the system.
(Ord. 29-04, passed 9-9-04)