Sec. 711.323. - Transfers.

(a) A franchise shall not be sold, assigned or transferred, either in whole or in part, or leased or sublet, nor shall title thereto, either legal or equitable or any right, interest or property therein, pass to or vest in any person (other than a parent corporation of grantee, a wholly-owned subsidiary of grantee or a corporation under common control with grantee) without the prior written consent of the City, which consent shall not be unreasonably withheld nor unduly delayed. No such consent shall be required for a mortgage, or other hypothecation as a whole or in part to secure an indebtedness. This shall not be construed as prohibiting grantee from granting to others the right to use capacity on the fiber optic cables facilities located in the rights-of-way, provided the revenues therefrom are included by grantee in calculating franchise fees for purposes of this Chapter. (b) The proposed assignee must meet all qualifications and requirements under the provisions of this Chapter. (c) The grantee shall promptly notify the City of any actual or proposed change in or transfer of or acquisition by any other party of more than 50 percent of the ownership interest of the grantee or the grantee's parent corporation. Every change, transfer, or acquisition of control of the grantee (other than to or by a parent corporation of grantee, a wholly-owned subsidiary of grantee or a corporation under common control with grantee) shall make the franchise subject to cancellation unless and until the City shall have consented thereto, which consent shall not be unreasonably withheld nor unduly delayed. The successor in interest shall meet all the qualifications and requirements under the provisions of this Chapter. (d) The consent or approval of the City to any transfer of the franchise shall not constitute a waiver or release of the rights of the City in and to the public ways, and any transfer shall by its terms, be expressly subordinate to the terms and conditions of a franchise. (e) In no event shall a transfer of ownership or control be approved without the successor in interest becoming a signatory to the franchise agreement. (Ord. 2001-427-E, § 2)