(A) If the city exercises a right to purchase a cable system pursuant to this chapter or a franchise agreement and the city and franchisee are unable to agree on a price for the purchase of the system, the price may be determined by arbitration. Other matters that are arbitrable under the provisions of a franchise agreement may be subjected to the arbitration procedures specified below.
(B) The arbitration procedure employed shall be consistent with the rules and procedures of the American Arbitration Association. The city and the franchisee will each select a qualified arbitrator. The two persons selected shall select a third qualified arbitrator, and the three arbitrators will constitute a panel whose decision is binding on both parties. The fees of the first two arbitrators shall be paid by the party selecting such person, and the third person shall be compensated one-half by the city and one-half by the franchisee. The general costs of the proceeding shall be shared equally by the city and the franchisee.
(Ord. 89-15, passed 5-8-89)