1996-123 Council Resolution - Laserfiche WebLink

Home Search

Resolution 96- 123 RESOLUTION CONSENTING TO THE TRANSFER OF CONTROL OF AND CERTAIN OWNERSHIP INTERESTS IN A CABLE TELEVISION FRANCHISEE TO CONTINENTAL WHEREAS, the cable television franchise (the "Franchise") of the municipality of Lino Lakes (the "Authority") is currently owned and operated by Group W Cable of the North Central Suburbs d/b/a Meredith Cable Company ("Group W") which is owned by Meredith/New Heritage Strategic Partnership, L.P. ("MNHSP"); and WHEREAS, the general partner of MNHSP has entered into a Purchase Agreement dated March 15, 1996 with Continental Cablevision, Inc. ("Continental") whereby said general partner is proposed to be replaced by North Central Communications Corp., Continental of Minnesota, Inc. or Continental of St. Paul, Inc., both wholly owned subsidiaries of Continental (the "Meredith/Continental Agreement"); and WHEREAS, Group W will continue to hold the Franchise; and WHEREAS, the Authority has received a request for consent to the transfer of control contemplated by the Meredith/Continental Agreement; and WHEREAS, no notice of breach or default under the Franchise has been issued by Authority within the past 12 months and none is outstanding; and WHEREAS, the Authority has determined that subject to certain conditions which must be met, Continental possesses the requisite legal, technical and financial qualifications; NOW, THEREFORE, BE IT RESOLVED, that the transfer contemplated by the Meredith/Continental Agreement is hereby consented to by the Authority and permitted conditioned upon: 1. Execution and delivery of a Corporate Guaranty from Continental Cablevision, Inc. in the form attached hereto; and 2. Documentation that a wholly owned subsidiary of Continental Cablevision, Inc. is duly admitted as a successor general partner pursuant to the Restated Agreement of Limited Partnership of Meredith/New Heritage Strategic Partners, L.P. dated December 30, 1991 or any amendment thereof; and 3. Reimbursement of all reasonable fees incurred in the Authority's review of the proposed transactions; and 4. The successful closing of the transaction described in the Meredith/Continental Agreement.