The County, or its designee, shall have the right to purchase real and personal property as described by Section 11-1.702 of this article which property is owned or in which an interest is held by the grantee, any parent company of the grantee, any subsidiary of the grantee, or any other entity in which the grantee, or its parent company or its subsidiary, has a financial interest and which is utilized to provide service under the franchise. Such right shall not arise except, and shall be exercisable under, the following circumstances:
(b) At the expiration of the term of a franchise, if the franchise is not renewed to the grantee by the County pursuant to the provisions of Section 11-1.607 of Article 6 of this chapter. (§ 1, Ord. 961, eff. October 27, 1983, as amended by § 2, Ord. 965, eff. November 3, 1983)