In accordance with § 627 of the Cable Act (47 U.S.C. § 547) and all applicable laws, at the expiration, cancellation, revocation or termination of any franchise agreement, the city shall have the option to purchase, condemn (consistent with state statutes) or otherwise acquire and hold the cable system upon the payment of the fair market value of the cable system to grantee, determined on the basis of the going concern value of the cable system (exclusive of any value attributable to the franchise).
(Ord. 78, passed 10-13-1997)