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the ordinance; also, the City shall consider the com- pany's annual reports made to the City and the FCC. Industry performance om a national basis shall also be considered. Provision shall be made for public comment. 3. A four (4) month period shall be provided to deter- mfne the Company's eligibility for renewal. 4. The City shall then prepare within two (2) months any amendments to this ordinance that it believes necessary. 5. If the City finds the Company's performance satis- factory, a new franchise may be granted pursuant to the ordinance as amended for an additional period of ten (10) years. Subsequent renewal for a ten (10) year period may be applied for by the Company in accordance with the procedure outlined in this Section. 6. In the event the Company is determined by the City to have performed unsatisfactorily, new applicants shall be sought and evaluated and a franchise award shall be made by the City. 7. Notwithstanding the fact that the City may determine that the Company has been in reasonable compliance with the terms and conditions imposed by this ordinance and the franchise, it shall have the right not to renew the franchise. If the City does not renew the franchise, the City shall have the option, to the extent then per- mitted by existing law, to acquire the cable television system or the option to permit a succeeding Grantee to acquire the system. If the City permits a succeeding Grantee to purchase the system, the amount paid for such system shall be its fair market value. If the City acquires the system for municipal ownership, the amount paid shall be at a discount rate twenty (20) per cent below its fair market value. The City's option to acquire the cable system or to permit a succeeding Grantee to acquire the system must be exercised within one (1) year from the date of the franchise expiration. Section 8. Police Powers In accepting this franchise, the Company acknowledges that its rights hereunder are subject to the police power of the City to adopt and enforce general ordinances necessary to the safety and welfare of the public; and it agrees to comply with all applicable general laws and ordinances enacted by the City pursuant to such power. Any conflict between the provisions of this franchise and any other present or future lawful exercise of the City's police powers shall be resolved in favor of the latter, except that any such exercise that is not of general 10