No franchise shall be granted, extended or renewed by the City for a period longer than twenty-five (25) years from the date of granting such franchise, and the Council shall provide in each and all such franchises and grants suitable compensation to the City, to be figured and based on the gross earnings, or the value of the property used by such grantee in connection with such franchise, as to the Council may seem proper, and for the best interest of the City. The franchise may also include additional compensation to the City for the cost of relocating the grantee’s facilities in the public right-of-way due to design and construction of a transportation system to transport passengers by rail, the rail system, and provisions for payment to grantee from such additional compensation if grantee relocates such facilities due to the design and construction of the rail system at its own costs with satisfactory documentation of such relocation costs to the City.

(Election of 3-8-2005, eff. 3-22-2005)