The City may exercise an option to purchase the CATV system within a period of ninety days after the expiration, termination or revocation of the franchise. The purchase price to be paid by the City shall be the fair market value of the cable system as a going concern. Should the grantee and the City not agree on the purchase price, such value shall be determined by a three-member board to be selected under the rules of the American Arbitration Association. The cost of such arbitration shall be equally shared by the grantee and the City. Notwithstanding anything herein to the contrary, the grantee does not waive any rights or defenses to this provision that a grantee would have pursuant to law.
(Ord. 615. Passed 9-5-95.)