Section 15. If sixty days after the secretary and the council determine that the preliminary project impact report is in compliance with applicable law, the department, the developer or the local assessment committee of the host community informs the council that an impasse in the negotiations of a siting agreement exists, the council, upon investigation, may determine that such an impasse exists and may proceed to frame the issues in dispute between the local assessment committee and the developer for submission to final and binding arbitration. Upon request of both the developer and the host community, the council may postpone the making of its determination that an impasse exists and that the issues in dispute should be resolved by final and binding arbitration for such a reasonable period of time as the council in its sole discretion shall determine to be appropriate. Upon the making of the determination that an impasse in the negotiation of a siting agreement exists, the council shall establish either an arbitration panel which shall be comprised of three arbitrators, one selected by the developer, one selected by the local assessment committee of the host community, and a third, an impartial arbitrator who shall act as chairman of the panel, who shall be selected by the developer and the local assessment committee of the host community, or, if the developer and the local assessment committee of the host community can agree, a single impartial arbitrator acceptable to the developer and local assessment committee of the host community.

If an arbitration panel or single impartial arbitrator has not been selected within thirty days after the council's determination that an impasse exists, the council shall appoint the arbitrator or arbitrators necessary to complete the three-person panel, which shall act with the same force and effect as if the panel had been selected without intervention of the council.

An arbitrator shall receive from the council such compensation for each day or part thereof for his services as a majority of the council shall establish. He shall also receive reimbursement for all reasonable expenses actually and necessarily incurred in the performance of his official duties.

The arbitration panel or the single arbitrator shall within forty-five days after establishment resolve the issues in dispute between the local assessment committee and the developer. The council, upon request of the arbitration panel or single arbitrator, may extend the time permitted for the conduct of arbitration.

In the event that the parties mutually resolve each of the issues in dispute and agree to be bound, they may at any time prior to the final decisions of the panel or single arbitrator request that the arbitration proceedings be terminated, the panel acting through its chairman, or the single arbitrator, shall terminate the proceedings.

The provisions of chapter two hundred and fifty-one shall govern the conduct of arbitration proceedings pursuant to this section, including the provisions of said chapter for judicial review of an arbitration decision.