Arbitration.

If the Council authorizes the District to purchase a cable system at a fair market value under § 34-1255.05 or purchase the cable system at an equitable price under § 34-1255.04(b), and the District and the cable operator cannot agree upon a price, the final price shall be determined by an arbitration panel. The arbitration panel shall consist of 3 members, selected as follows: One member shall be selected by the Council; One member shall be selected by the cable operator; and One member shall be selected by the Council and the cable operator acting jointly; provided, that if the Council and the cable operator fail to agree on a member, the Council or cable operator may apply to the American Arbitration Association and the American Arbitration Association shall select the member. The member selected under subsection (b)(3) of this section shall be the presiding officer of the arbitration panel, absent majority agreement to the contrary. The determination of the majority of the 3-member arbitration panel shall be binding on the parties. The cable operator shall bear all expenses regarding the arbitration.