(a) (1) If the Administration and Baltimore City cannot agree on the terms, conditions, and price for any of the property described in § 6-401 of this subtitle, the matter shall be referred to an arbitration board.

(2) The arbitration board shall consist of three members appointed as follows:

(i) One by the Administration;

(ii) One by the Board of Estimates of Baltimore City; and

(iii) One jointly by the two members already appointed.

(3) If, within 15 days after the appointment of the second arbitrator, a third arbitrator has not been appointed, the Governor shall appoint the third arbitrator.

(4) If the party seeking arbitration appoints its arbitrator and gives written notice of this appointment to the other party, the other party shall appoint its arbitrator within 30 days after the receipt of the notice. If the other party refuses or neglects to appoint its arbitrator within the 30-day period, the arbitrator appointed by the party seeking arbitration may review the entire matter in controversy as if that individual were an arbitrator appointed by both parties for that purpose.

(b) (1) If only one arbitrator is appointed under subsection (a) of this section, the decision of that arbitrator:

(i) Shall be made within 90 days after the Administration or the Board of Estimates, as the case may be, refuses or neglects to appoint its arbitrator;

(ii) Shall be reported in writing to both parties; and

(iii) Is final and binding on both parties.

(2) If three arbitrators are appointed under subsection (a) of this section, the decision of the majority of them:

(i) Shall be made within 90 days after the first two arbitrators are appointed or within any additional period not exceeding 30 days as may be agreed to by the Administration and the Board of Estimates in writing;

(ii) Shall be reported in writing to both parties; and

(iii) Is final and binding on both parties.

(c) The arbitration board or, if only one arbitrator is appointed, the arbitrator may, among other things:

(1) Require that each party to the controversy submit a written statement of its contention to the board and send a copy of the statement to the other party;

(2) Make investigations, inspections, and examinations;

(3) Take, receive, and keep a permanent record of testimony and other evidence;

(4) Hold hearings after notice to the parties in interest; and

(5) Adopt rules and regulations for the conduct of the arbitration proceedings.

(d) Each party shall pay 50 percent of the arbitration expenses.