1. The City may decide to renew a franchise granted under this chapter if the grantee files a written request for such a renewal. At the time of such request, the City may update this chapter and reevaluate the needs of the community for cable service and the performance of the grantee.
2. The applicable Federal law shall govern the procedures and standards for renewal of any franchise awarded pursuant to this chapter.
3. To the extent that the Federal law is not applicable, the City in its sole discretion and judgment shall have the right to grant, deny, or conditionally grant renewal of a franchise, provided that the City shall not unreasonably refuse to renew the franchise or unreasonably condition the renewal. The conditions the City may place on its approval include, but are not limited to: charges that are incidental to the awarding of the franchise renewal as allowed under Federal law; updating this chapter and surveying community cable needs; remedy of historical or existing violations of the franchise or this chapter, provided that for violations occurring before the date of the transfer request, City has given notice of such violations to the grantee before City has received the renewal request; payment of all fees and penalties owed by the grantee at the time of the renewal; acceptance of any updated ordinance; and acceptance of any updated franchise agreement.
4. When the City approves a franchise renewal, the grantee shall accept the renewed franchise under the procedures set out in Section 115.07.
5. At the expiration (and denial of renewal) of a franchise, the City may, in a lawful manner and upon payment of fair market value, determined on the basis of the cable system is valued as a going concern exclusive of any value attributable to the franchise itself, obtain, purchase, acquire, take over, and hold the cable system.