The provisions of this chapter shall not apply to any utility, business or occupation maintaining facilities or carrying on functions and operations within the corporate limits of the town under a franchise granted by the town, the terms of which franchise provide that the franchise fee or tax payable in connection therewith shall be in lieu of all other fees and taxes which may, from time to time, be imposed by the town upon the conduct or operation of a business or occupation within the corporate limits of the town. (1993 Code § 3.08.080)