§ 16-34. Sale or transfer of franchise.

Latest version.

In the event the franchisee fails to renew its option at the termination of the franchise period, or in the event that the franchise is forfeited due to the failure of the franchisee to fully comply with all terms and conditions of this agreement, or upon transfer or assignment of the franchise, the distribution system of the franchisee shall be placed up for sale at fair market value and the city shall have the first option of refusal on the purchase of the system. The fair market value shall be determined by the city in accordance with generally accepted appraisal and accounting principles. Under no circumstances shall any valuation be made for good will or any right or privilege granted by this franchise. Should a dispute arise, such shall be settled by arbitration under state law.

(Code 1985, § 4-416; Ord. of 4-6-1981)

                    
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