This chapter contains the franchise agreement between the City and MCC Iowa LLC, a limited liability company duly organized and validly existing under the laws of the state of Delaware, hereinafter referred to as the “Grantee.” The City hereby acknowledges that the Grantee has substantially complied with the material terms of the current franchise under applicable law, and that the financial, legal, and technical ability of the Grantee is reasonably sufficient to provide services, facilities, and equipment necessary to meet the future cable related needs of the community, and having afforded the public adequate notice and opportunity for comment, desires to enter into the franchise with the Grantee for the construction and operation of a cable system on the terms set forth herein.