The city declares that as a result of this chapter and any franchise issued pursuant hereto, a possessory interest subject to property taxation may be created and any such property interest may be subject to property taxation if it is created. The grantee, as the party in whom the possessory interest will be vested, may be subject to the payment of property taxes levied upon such an interest. (Ord. 9527 § 1 (part), 1995: prior code § 3845)