The property which is purchased shall be valued as follows:
A. In the event the right of purchase is exercised pursuant to the contingency prescribed by subsection A of Section 5.28.550 of this chapter, above, as a result of termination of a franchise on grounds identified by Section 5.28.1860 of this chapter, the value of the cable television system, personal property and improvements attached to land to be acquired shall be solely based on the book value of the tangible assets, and the value of land owned by the seller or in which the seller has a leasehold interest with option to purchase shall be based upon the original cost thereof, no other or further value to be assigned for the tangible and intangible assets acquired; and
B. In the event the right of purchase is exercised pursuant to either the contingency prescribed by subsection A of Section 5.28.550 of this chapter, as a result of termination of a franchise on grounds identified by Section 5.28.210 of this chapter, or the contingency prescribed by subsection B of Section 5.28.550 of this chapter;
1. The value of the cable television system, personal property and improvements attached to real property to be acquired shall be the greater of market value or the replacement cost of the tangible assets,
2. The value of land owned by the seller or in which the seller has a leasehold interest shall be the market value thereof, and
3. The value of all other tangible and intangible assets acquired shall be the going concern value.
When real or personal property subject to the purchase is leased, the lease shall be subject to assignment to the cable television commission or its assignee, as prescribed by Section 5.28.090 of this chapter, and except as otherwise provided above no value shall be assigned to such property.
No value or benefits shall be assigned to the books, accounts or records, including subscriber lists, utilized in connection with the franchisee's business pursuant to valuation under subsection A of this section.
A franchisee shall not be entitled to relocation costs, and any right to such costs authorized or prescribed by law shall be deemed to have been waived by filing of the certificate of acceptance of the franchise. (Prior code § 20.03.248)