When real estate of the City is to be leased for the purpose of carrying forward any project or undertaking which the City is authorized to engage in, the real estate shall be leased by way of concession. The lease by way of concession shall recite the obligations of the lessee relating to the carrying forward of the public purpose for which the real estate is so leased, including the terms, conditions and requirements set forth in the proposed lease by way of concession as authorized and approved by ordinance of Council. No lease by way of concession shall be made for a period in excess of twenty-five (25) years subject to an option in the lease for one (1) renewal for a like period of twenty-five (25) years.
(Ord. No. 2069-58. Passed 12-15-58, eff. 12-17-58)