The Commission shall not grant a consent agreement or franchise which is exclusive or not revocable at the will of the city unless the proposition shall have received the affirmative vote of three-fifths (3/5) of the electors voting thereon at a regular or special election held in accordance with state law. A special election shall not be held unless the expense of the election is paid in advance by the grantee of the consent agreement or franchise to the Treasurer in an amount determined by the Commission. The Commission may approve an exclusive or irrevocable consent agreement or franchise for referral to the electorate only after the grantee has filed with the Clerk an unconditional acceptance of all terms of the consent agreement or franchise and a public hearing has been held. A public hearing shall be held not less than thirty (30) days after the grantee has filed the acceptance with the Clerk.