(a) In the event the city terminates a franchise ordinance or agreement between grantor and grantee granting a franchise pursuant to any provisions of this chapter, the city shall have first option to purchase the system. The city shall have ninety days prior to the effective date of termination to notify grantee of the city's intent to exercise this option.
(b) Upon notification of intent pursuant to this section, the city and grantee shall attempt to mutually agree upon the value of the system in accordance with the provisions of this section. However, if within a reasonable period of time they cannot agree upon a valuation, then such valuation shall be similarly determined by a three-member board of appraisers, one selected by the city, one selected by grantee, and one selected by the appraisers themselves. The cost of such appraisal shall be borne equally by the city and grantee. Any appraisal under this section shall be consistent with the terms of the Act. (Ord. No. 1097, § 1 (part).)