Title
A Resolution of the City Council of the City of Colorado Springs, Colorado, Consenting to the Transfer of Control of the City’s Cable System Franchisee to FBB Holdings, LLC
Presenter:
Bret Waters, Deputy Chief of Staff
Body
Summary:
The City of Colorado Springs currently has Franchise Agreements with Comcast, Century Link, and Falcon Broadband. Falcon Broadband has requested a transfer of ownership and pursuant to Section XXVIII of the Franchise, City approval is required for the transfer of control of the Franchise.
Previous Council Action:
N/A
Background:
In January 2007, the City of Colorado Springs granted a franchise to Falcon Broadband, Inc. (“Falcon Broadband”) for the provision of cable television services within the City of Colorado Springs. In September 2008, the City adopted Resolution No. 167-08 approving the transfer of the Franchise with Falcon Broadband to FPTC, LLC (“FPTC”). The FPTC transaction was never consummated and thus Falcon Broadband has remained the cable operator.
FBB Holdings, LLC, (“FBB Holdings”) has entered into a Stock Purchase Agreement with Randy De Young and Cynthia De Young, current owners of all of the outstanding stock of Falcon Broadband. This transaction will affect a change in control of ownership. Falcon Broadband and FBB Holdings have provided all necessary documentation and information regarding the transaction. FBB Holdings has represented to the City that Falcon Broadband is, and will continue to be post-closing, financially, legally and technically qualified to maintain and operate the cable system.
Financial Implications:
N/A
Board/Commission Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
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Recommended Action
Proposed Motion:
Move to approve a resolution of the City Council of the City of Colorado Springs, Colorado consenting to the transfer of control of the City’s cable system franchisee to FBB Holdings, LLC.
Summary of Ordinance Language
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