Title
Resolution No. 12-28, Granting Consent and Approval of the City of Oregon City, Oregon, to Change of Control Transaction for WaveDivision Holdings, LLC
Body
RECOMMENDED ACTION (Motion):
Staff recommends approval of Resolution No. 12-28 approving the application for a change in control of WaveDivision Holdings, LLC.
BACKGROUND:
WaveDivision VII, LLC, dba Wave Broadband, currently holds a franchise granted by the City of Oregon City to own and operate a cable system in the City. Wave Broadband is a wholly-owned subsidiary of WaveDivision Holdings, LLC. WaveDivision Holdings, LLC has entered into an agreement that will result in a change in its ownership, thus changing the entity that controls Wave Broadband. The franchise requires prior approval from the City of transactions like this one that will result in a change in control of Wave Broadband.
Since Federal law and the franchise govern the factors and criteria the City can consider in reviewing the request, the City determined it has authority to consider the legal, financial, and technical qualifications of the prospective controlling party. As such, the City conducted a legal and financial review and found no basis for denial of the transaction.