Every public utility may be required by the City to permit joint use of its property and appurtenances located in the streets, alleys and public places of the City by the City of Negaunee or by other public utilities, insofar as such joint use may be reasonably practicable, upon payment of reasonable rental therefor, provided that in the absence of agreement upon application of any public utility, the Council shall provide for arbitration of the terms and conditions of such joint use and the compensation to be paid therefor, which award shall be final.