The city shall be entitled to a right of first refusal of any bona fide offer to purchase the cable system made to grantee if the cable system is being sold separately and such sale is not linked in any way to the sale of any other cable system in a separate franchise area. BONA FIDE OFFER, as used in this section, means a written offer, which has been accepted by the grantee subject to the city’s rights under this chapter. The city shall notify the grantee of its interest in purchasing the cable system within 30 days of the city’s receipt from the grantee of copy of the written bona fide offer. Payment shall be made upon closing in readily available funds within 120 days of the city’s receipt from the grantee of a copy of the written bona fide offer. The price to be paid by the city shall be the fair market value of the cable system or the actual price, which has been negotiated at arms length between the parties, whichever is greater the amount offered in the bona fide offer.
(2011 Code, Ch. 43, Art. 5, § 5.8)