§ 9. Right to purchase to be reserved.

No franchise shall be granted except upon condition that the city shall have the right at anytime after fifteen (15) years after the granting thereof to purchase the physical property of the franchise holder and to terminate the franchise, if approved by a majority of the qualified electors of the city voting thereon at a special or general election. At any time when a purchase option shall have accrued under the terms of a franchise, the question of the purchase of such property may be submitted by the Council to the qualified electors for approval. The question of the purchase of such property shall be submitted at the next succeeding election in the city upon the petition to the city of twenty-five percent (25%) of the qualified electors of the city. The franchise holder shall be compensated for the value of the property with such value to be determined by the majority of three (3) appraisers, one (1) to be selected by the Mayor, one (1) by the franchise holder and the third by the first two appraisers. If the franchise holder shall refuse for thirty (30) days to select an appraiser, the value of such property shall be fixed by the vote of a majority of the Council.