The city may only issue a new operating agreement pursuant to this chapter if no on-sale operating agreement is on the registry or a person desiring to purchase an operating agreement listed on the registry provides documentation showing that the person is unable to purchase the operating agreement at the price established pursuant to this chapter and on terms satisfactory to both the potential buyer and seller. The price of any on-sale operating agreement registered as “for sale” with the city shall be sold at the current fair market price set by the city pursuant to a resolution adopted in accordance with this chapter.
(Prior Code, § 111.09)