Upon expiration of the franchise term or termination of the franchise as provided in this chapter or upon receipt of an application from the grantee for approval of an assignment or transfer of the franchise, the city shall have the right to purchase the system of the grantee. In the event the city seeks to exercise its right to purchase, the purchase price shall be the price which any proposed assignee or transferee agreed to pay or the fair market value of the system as a going concern, whichever is less, payable on such terms as the grantee and city may agree. If the purchase price or the fair market value of the system cannot be agreed upon, the city and the grantee agree to submit the determination of the purchase price or fair market value to binding arbitration. The city and the grantee shall each choose one arbitrator, and the two arbitrators shall choose a third. If the choice of the third arbitrator cannot be agreed upon or a price determination is not made by arbitration, the purchase price or fair market value of the system shall be decided by the District Court of the State of Minnesota.
(Ord. 51, passed 4-12-83)