The procedure for renewing any franchise granted pursuant to this chapter shall be governed by and comply with the provisions of Section 626 of the Cable Act, as amended, unless the procedures and substantive protections set forth therein shall be deemed to be preempted and superseded by the provisions of any subsequent provision of federal or state law.

In addition to the procedures set forth in said Section 626(a), the city agrees to notify the franchisee of all of its assessments regarding the identity of future cable-related community needs and interests, as well as the past performance of the franchisee under the then current franchise term. The city further agrees that such a preliminary assessment shall be provided to the franchisee promptly so that the franchisee has adequate time to submit a proposal under Section 626(b) of the Cable Act and complete renewal of the franchise prior to expiration of its term. Notwithstanding anything to the contrary set forth in this section, the franchisee and city agree that at any time during the term of the then current franchise, while affording the public appropriate notice and opportunity to comment, the city and the franchisee may agree to undertake and finalize informal negotiations regarding renewal of the then current franchise and the city may grant a renewal thereof. The franchisee and the city consider the terms set forth in this section to be consistent with the express provisions of Section 626 of the Cable Act.