Minutes 12/17/1996 - Laserfiche WebLink

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December 17. 1996 96 - 415 - Resolution approving the merger of Cox Communications Hampton Roads, Inc. into CoxCom Inc., both subsidiaries of Cox Communications, Inc., and assignment of the cable franchise to CoxCom. Recommendation: Adoption of a resolution approving the merger of Cox Communications Hampton Roads. Inc. into CoxCom Inc., both subsidiaries of Cox Communications Inc., and assignment of the cable franchise to CoxCom Purpose and Need: The City has a franchise agreement with Cox Communications Hampton Roads for the provision of cable television service within the City. The franchise requires Cox to ask for the City's approval for sale, consolidation or assignment of the system, including any parent and subsidiary corporations, which create a new controlling interest in the system. Cox has stated that it is in the process of consolidating its subsidiaries into a smaller number so as to improve operating efficiencies, and that this is solely an internal reorganization. Financial Impact: · No financial impact to the City is expected from this action Motion by Mr. Clemons and seconded by ~r. Martin, to adopt the following resolution, and was adopted by the following vote: / "A RESOLUTION APPROVING ASSIGNMENT OF THE CITY OF PORTSMOUTH'S CABLE TELEVISION FRANCHISE. WHEREAS, Cox Communications HamptOn Roads, Inc. owns, operates, and maintains a cable television system in the City of Portsmouth, Virginia pursuant to a franchise dated August 13, 1989, and Cox Communications Hampton Roads, Inc. is the duly authorized holder of the franchise; and r WHEREAS, Cox Communications Hamptqn Roads, Inc. and CoxCom Inc. are wholly owned subsidiaries of Cox Communications, Inc.; and WHEREAS, Cox Communications, Inc. is in the process of consolidating its many subsidiaries into a smaller number of subsidiaries to improve operational efficiency, reduce administrative burdens, and simplify Cox Communications. Inc.'s organizational structure: and WHEREAS, this consolidation will result in Cox Communications Hampton Roads, nc. being merged with and into CoxCom Inc. with CoxCom Inc. being the surviving corporation; and WHEREAS, Cox Communications Hamptc consent of the City of Portsmouth, Virginia to the the franchise to CoxCom nc. in accordance with and WHEREAS, in accordance with the provisi n Roads, Inc. has requested 'nerger and to the assignment of :he requirements of the franchise; ~ns of the franchise agreement, CoxCom Inc. will, within 60 days after the merger, file with the City a copy of the merger agreement, certified and sworn to as correct by CoxCom, inc.; and WHEREAS, the merger and assignment of the franchise are deemed not to be detrimental to the residents of the City of Portsmouth, Virginia.