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HomeMy WebLinkAbout87-18 - Radio Transmitter and Trasmitting TowerRESOLUTION NO. 87 -18 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH CONSENTING TO AN ASSIGNMENT OF THE LICENSE AGREEMENT FROM DONREY, INC. TO FINANCIAL CAPITAL BROADCASTING CO. FOR THE • LOCATION OF A RADIO TRANSMITTER AND TRANSMITTING TOWER NEAR THE INTERSECTION OF MONROVIA AVENUE AND 16TH STREET, CONTINGENT UPON FEDERAL COMMUNICATIONS COMMISSION APPROVAL WHEREAS, on October 27, 1980, by Resolution No. 9914, the City Council of the City of Newport Beach consented to the transfer to Western Broadcasting Company of a License Agreement between the City of Newport Beach and Hutton Broadcasting, Inc. for the use of a radio transmitter, tower, and studio on certain City -owned property on the south side of 16th Street westerly of Monrovia Avenue in the City of Newport Beach; and WHEREAS, on July 1, 1982, Western Broadcasting Company was merged with and into its parent, Donrey, Inc., a Nevada corporation, qualified and doing business in the State of California under the name " Donrey Media Group," and pursuant to such merger, Donrey, Inc. succeeded to all rights and obligations of Western Broadcasting Company, including the License Agreement, as a matter of law; and WHEREAS, Donrey of Nevada, Inc., a wholly -owned subsidiary of Donrey, Inc., has entered into an agreement with Financial Capital Broadcasting Co. for the sale of radio station KOCM; and WHEREAS, the sale of said radio station to Financial • Capital Broadcasting Co. is contingent upon approval by the Federal Communications Commission; and -1- WHEREAS, Donrey, Inc. has requested that the City consent to the assignment of said License Agreement from Donrey, • Inc. to Financial Capital Broadcasting Co. to maintain the use of the radio transmitter, tower, and studio; and C WHEREAS, the City Council has considered the assignment of the License Agreement and found it to be fair and equitable. NOW, THEREFORE, BE IT RESOLVED, that said License Agreement shall be assigned from Donrey, Inc. to Financial Capital Broadcasting Co. at such time as the Federal Communications Commission approves the transfer of radio station KOCM from Donrey of Nevada, Inc. to Financial Capital Broadcasting Co., and such transfer is completed. BE IT FURTHER RESOLVED that the assignment of said License Agreement may be executed by the Mayor and City Clerk at such time as the Federal Communications Commission has approved the transfer of radio station KOCM to Financial Capital Broadcasting Co. and such transfer has been completed. ATVIDTT?n fhie 99th Aux, of Jnniinry 1(197_ -2-