HomeMy WebLinkAbout12-034 Approving Change of Control of Parent to the Cable Franchise Holder Resolution 12-034
RESOLUTION 12-034
A RESOLUTION OF THE CITY OF PORT TOWNSEND APPROVING A
CHANGE OF CONTROL OF THE PARENT TO THE CABLE
FRANCHISE HOLDER
Recitals:
A. Wave Division I, LLC d/b/a Wave Broadband currently holds the cable franchise issued
by the City. Wave Broadband's parent, WaveDivision Holdings, LLC ("Wave Parent"),
requests the City's consent to "change of control" of"Wave Parent". Steve Weed, the
CEO of Wave Parent, and other private equity partners (Oak Hill Capital Partners and GI
Partners) are buying Wave Parent from the current ownership.
B. Based on information from the City Attorney, who sees no basis to object, and
information from Wave Parent that no other jurisdictions have raised issues with the
request, the City Council determines it appropriate to approve the request.
NOW, THEREFORE,the City Council of the City of Port Townsend resolves as
follows:
The City Manager is authorized to execute agreements and instruments necessary to approve the
change of control of Wave Parent, as requested by letter dated June 8, 2012 from Oak Hill
Capital Partners and Wave Division Holdings.
Adopted by the City Council of the City of Port Townsend, Washington, at a regular
meeting thereof, held this 6th day of August 2012.
David King, Mayor
Aftest- Approved as to Form:
Pamela Kolacy, MMC, City Clerk,' John P. Watts, City Attorney