§ 71-43. Appraisal for purchase by city.

If the city upon revocation of a franchise or termination of a franchise without right of renewal, elects to purchase a grantee's cable television system and the value therefor cannot be agreed upon by the city and grantee within 90 days of the city's election, the value shall be determined by a panel of professional appraisers in accordance with federal law. The panel shall be composed of one appraiser chosen and compensated by the city, one appraiser chosen and compensated by the grantee and a third appraiser chosen by the first two appraisers and compensated one-half by the city and one-half by the grantee. The appraisal hearing shall take place in the city, unless otherwise agreed to by the parties in writing. In the event that the appraisers are unable to agree upon a value, the value of the three appraisers shall be averaged to reach a fair market value. In those circumstances where the question of value has been submitted to an appraisal, the city may affirmatively accept the decision of the appraisers within 90 days after the rendering of the appraisers' decision. If the city affirmatively accepts the decision, closing shall occur within 180 days after the acceptance of the appraisal by the city at such time and place as designated by the city. However, if the city rejects the appraisers' decision or fails to accept or reject the appraisers' decision within the 90-day period, the rights of the city to purchase shall expire and the city's prior election to purchase shall be null and void without the need for further action by the city and the grantee shall be required to remove or abandon its property as directed by the city.

(Ord. No. 02-03, Art. II(13), 2-28-02)