The Council may, by ordinance, renew any grant for the construction or operation of any utility, at its expiration, upon such terms as may be conducive to the public interest. All such grants and renewals thereof shall reserve to the City the right to purchase all the property of the utility in the streets and highways and elsewhere used in, or useful for, the operation of the utility, at a price either fixed in the ordinance, or to be fixed in the manner provided by the ordinance making the grant or the renewal of the grant. Nothing in such ordinance shall prevent the City from acquiring the property of any such utility by condemnation proceedings or in any other lawful mode; but all such methods of acquisition shall be alternative to the power of purchase, reserved in the grant or renewal as hereinbefore provided.
No ordinance making such grant or renewal shall be valid unless it shall expressly provide therein that the price to be paid by the City for the property that may be required by it from such utility, by purchase, condemnation or otherwise, shall exclude all value of such grant or renewal.
Upon the acquisition by the City of the property of any utility by purchase, condemnation or otherwise, all grants or renewals shall at once terminate.