731.14 EMINENT DOMAIN.

   (a)   Right to Purchase System in the Event of Franchise Termination.

      (1)   If the City should terminate the Franchise prior to its expiration, due to the Franchisee's violation of the terms of the Franchise Agreement and/or this Chapter, then the City shall have the option, but not the responsibility, to purchase the Franchisee's cable equipment and facilities in the Franchise Area. The City shall only be responsible to pay equitable price.

      (2)   The City shall have the right, but not the responsibility, to purchase the assets of the System upon the expiration and denial of any renewal of the Franchise Agreement. If the City decides to exercise its option, then it shall pay an amount equal to the fair market value of the Franchisee's System, exclusive of any value attributable to the Franchise itself.

   (b)   Date of Valuation. For the purpose of evaluating the System in the event of condemnation or purchase by the City, the date for which the System assets will be valued shall be either the date of termination of the Franchise, or expiration of the Franchise.

   (c)   Value of Franchise. If the City purchases the System, either upon expiration of the Franchise or the termination of the Franchise due to violation of the Franchisee, then the Franchisee shall not be entitled to any payment for the value of the Franchise.

   (d)   Conveyance of System. When the City exercises its rights to purchase the System and upon the payment of any sums required herein, the Franchisee shall immediately transfer to the City possession and title to all property, real and personal, of the System. Such transfer shall be made free of any and all liens and encumbrances, except as may be agreed upon and assumed by the City in lieu of part and/or all of the purchase price. The Franchisee shall execute such deeds and/or other instruments of conveyance to the City as shall be necessary for this purpose, and the City shall execute such acceptances, bond releases, etc. as may be necessary to accept the Franchise.
(Ord. 2439. Passed 1-2-96.)