In the event that the city desires to acquire the CATV system which is the subject of this franchise at the conclusion of the term hereof or any renewal period of that term, the city shall apply written notice of that desire to grantee at least six months prior to the conclusion of that term or renewal period. City and grantee then shall each promptly appoint one appraiser to establish the fair market value of the system as a whole to be acquired by the city. The two appraisers shall select a third appraiser who will chair the appraisal board. The board then will, by majority vote, determine the value of the system to be acquired by the city as a whole. Such value determined by the appraisal board shall be binding on both grantee and city and shall be used as the purchase price of said system should city acquire the same by negotiation and written agreement entered into prior to the conclusion of the subject term of this franchise of the subject renewal thereof. Further, such value determined by the appraisal board shall be used as the fair market value of the CATV system which is the subject of this franchise in any eminent domain proceeding instituted by city. Notwithstanding the foregoing, in the event of any acquisition by the city subsequent to the expiration or termination of this franchise or any renewal period of that term, the value of the system to be acquired by the city shall not include any sum for the franchise itself.
(Ord. 404 § 6, 1987).