The Portland City Council this week mulled placing conditions on a transfer of the franchise agreement between the city and Zenith Holdings, the company that controls the largest oil terminal in the state, to a private equity firm seeking to buy Zenith. The terminal includes a pipeline that runs under city right of way, triggering a requirement that it have a franchise agreement with the city. Under the city charter, any transfer of a franchise agreement requires approval by the Portland City Council. Heather King, co-executive director of Willamette Riverkeeper, said the franchise agreement should be strengthened before it’s transferred to I Squared. In other words, staff basically recommended the council approve the franchise transfer as is, based on the documentation I Squared provided.