(1) “Fair market value” shall mean the price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus.
(2) “Going concern value” shall mean the benefits which attach to the business as a result of its location within the franchise area, the grantee’s reputation among subscribers or potential subscribers for dependability and quality of service, and any other circumstances resulting in the probable retention of old subscribers or the acquisition of new subscribers; provided, however, no value shall be assigned to either the franchise itself or any right, privilege, or expectancy arising to the grantee out of the right to transact business under the franchise, and particularly no value shall be allowed for any increase in value arising out of any expectation of revenues from the cable communications system beyond the termination date or expiration date of the franchise, whichever is sooner.
(b) Except to the extent inconsistent with the express provisions of this section and Sections 11-1.705 through 11-1.711 of this article, the words of this section shall be ascribed the meanings and the appraisal and valuation standards, methodology, approaches, and processes respecting the determination of the amount to be paid for property which the Board or its assignee is entitled to purchase and shall comply with and be consistent with those set forth in that 1975 publication entitled “Real Estate and Urban Economic Studies at the University of Connecticut”, compiled and edited by Byrl N. Boyce, Ph.D., sponsored jointly by the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. (§ 1, Ord. 961, eff. October 27, 1983, as amended by § 8, Ord. 999, eff. March 7, 1985)
(c) Notwithstanding any provision to the contrary, the Board, in its sole discretion, shall have the right to exclude from the purchase any real property (including improvements thereon) upon which no component of the cable communications system is situated and which the Board determines is not essential to the system or the provision of services thereunder. (§ 1, Ord. 961, eff. October 27, 1983)