The City, by and through its council, shall have the power to require any corporation holding a franchise from the City, to allow the use of its tracks, poles, conduits, and wires, or any facilities that can be jointly used, by any other corporation to which the City shall grant a franchise, upon the payment of a reasonable rental, and any franchise or right which may hereafter be granted to any person or corporation to operate a public utility within the city or its suburbs, shall be subject to the condition that the City shall have the rights to grant to any other person or corporation desiring to build or operate a street railway or interurban railway, or any other public utility, within or into the city or its suburbs, the right to operate; provided, that the person or corporation desiring to so operate shall first agree in writing with the owner thereof to pay such owner reasonable compensation for the use of such facilities. And if the person or corporation desiring to use the same cannot agree with the owner as to the compensation within sixty (60) days from offering in writing so to do and to terms and conditions of the use of the facilities, then the council shall, by resolution, after a fair hearing to the parties concerned, fix the terms and conditions of such use and compensation to be paid, which award of the council when so made shall be binding on and observed by the parties concerned.