The Council may by ordinance grant franchises to any person, firm or corporation to construct or operate a public utility on, across, over or above any public street or real estate within the Municipality for a period not in excess of twenty-five (25) years; and Council may prescribe in such ordinance the kind or quality of the service or product to be furnished, the rate or rates to be charged therefor, and such other terms as it shall deem conducive to the public interest. Such franchise may be amended or renewed in the manner and subject to the provisions established herein for original grants. All of such grants, amendments and renewals shall be made subject to the continuing right of Council to provide reasonable regulations for the operation of such utilities with reference to such streets and public real estate, including the right to require such reconstruction, relocation, alteration or removal of structures and equipment in such streets or public grounds as shall, in the opinion of Council, be necessary in the public interest.