HomeMy WebLinkAbout00-054 - ADMIN Resolution - City Council - 2000/05/01•
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RESOLUTION NO. 00-054
RESOLUTION PROVIDING FOR THE CHANGE IN
CONTROL OF A CABLE TELEVISION FRANCHISEE
WHEREAS, the City Council of St. Louis Park ("Franchising Authority") has granted a
franchise to a subsidiary (the "Franchisee") of Time Warner Inc ("TWI") to provide cable
television service,
WHEREAS, TWI and America Online, Inc ("AOL") have entered into an Agreement
and Plan of Merger (the "Merger Agreement") dated as of January 10, 2000,
WHEREAS, the Merger Agreement will result in a stock -for -stock merger (the
"Transaction") in which TWI and AOL will merge with subsidiaries of a newly formed holding
company,
WHEREAS, as a result of the Transaction both TWI and AOL will become wholly
owned subsidiaries of the new company, AOL Time Warner Inc , and
WHEREAS, the Franchising Authority has concluded the Transaction will result in a
change of control of the Franchisee requiring Council review and approval
NOW, THEREFORE, THE ST LOUIS PARK CITY COUNCIL RESOLVES AS
FOLLOWS
1 To the extent required under the terms of the Franchise and state and federal law, the City
Council of St Louis Park, Minnesota, as the Franchising Authority, authorizes and
consents to the proposed change in control of the Franchisee resulting from the
Transaction
2 The Franchisee shall remain responsible for all obligations under the Franchise
3 The foregoing consent shall be effective upon the closing of the Transaction
Reviewed for Administration
Attest
.ito ?°
C Clerk
jdopte� by th ity Council May 1, 2000
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