A. When and if a railroad company is granted a franchise relating to any street used in the conduct of the railroad business, this chapter shall become null and void as to any street or portion thereof contained or described in the franchise.

B. This chapter shall have no force and effect whatever and does not relate to any street in the city over, under, or on which any railroad company now has any right whatever by virtue of any existing franchise or other valid agreement by and between the city and such railroad company, but shall take effect and apply to any street, or portion thereof, at the expiration of any existing franchise or other agreement which expires by its terms, and shall be effective as it relates to such streets, or parts thereof, from and immediately after the expiration of said franchise or agreement. [Code 1980 at § 11.20.030].