(1) The Franchise shall not be sold, assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable or any right, interest, or property therein, pass to or vest in any person except to an entity controlling, controlled by, or under common control with the Grantee, without the prior written consent of the City which consent shall not be unreasonably withheld.
(2) No such consent shall be required for a transfer in trust, mortgage, or other hypothecation as a whole or in part to secure an indebtedness.
(3) The proposed assignee must show technical ability, financial capability, legal qualifications, and general qualifications as determined by the City and must agree to comply with all provisions of the Franchise and such conditions as may be prescribed by the City Council expressed by resolution. Within thirty (30) days of receiving the request for transfer, the City shall, in accordance with FCC Rules and Regulations, notify the Grantee in writing of the information it requires to determine the legal, financial, and technical qualifications of the transferee. If the City has not taken action on the Grantee's request for transfer within one hundred and twenty (120) days after receiving such request, consent by the City shall be deemed given.
(4) The Grantee shall promptly notify the City of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the Grantee. The word "control" as used herein is not limited to major stockholders but includes actual working control in whatever manner. Every change, transfer, or acquisition of control of the Grantee shall make the Franchise subject to cancellation unless and until the City shall have consented thereto, which consent will not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the City may inquire into the qualifications of the prospective controlling party and the Grantee shall assist the City in any such inquiry.
(5) A rebuttable presumption that a transfer of control has occurred shall arise upon the acquisition or accumulation by any person or group of persons of fifty (50%) percent of the voting interest of the Grantee.
(6) The consent or approval of the City Council to any transfer of the Franchise shall not constitute a waiver or release of the rights of the City in and to the streets, and any transfer shall by its terms, be expressly subordinate to the terms and conditions of the Franchise.
(7) The City Council reserves the right of "first refusal" to purchase a Cable System at the current market value price if and when it is placed on the market for sale. However, should the sale of the system be part of a unified sale of some or all assets of the Grantee or any affiliated organization, then this Section shall not be applicable. In no event shall Grantee be required to receive less than a fair market value as a going concern.
(8) In no event shall a transfer of ownership or control be approved without successor in interest becoming a signatory to the Franchise Agreement.
Ord. No.97-35, Recodified, 6/19/1997
Ord. No. 99-62, Enacted, 12/16/1999