Provision for appraisal

If the city elects to purchase a grantee's cable television system or any of its assets and the value therefor cannot be agreed upon, the value shall be determined by a panel of professional appraisers. The panel shall be composed of one (1) appraiser chosen by the city, one (1) appraiser chosen by the grantee, and a third appraiser chosen by the first two (2). The expenses of the appraisal, including the fees of the appraisers, shall be borne by the parties in such manner as the appraisers provide in their decision, but in no event will the city be obligated for more than one-half of the expenses. The appraisal hearing shall take place in the city, unless otherwise agreed to by the parties in writing.

(Code 1971, § 52-38; Ord. No. 7864-A, § 1(Art. IV, § 8), 1-28-82)