Any agreement or contract for the renting or leasing of public property for a period longer than three (3) years shall be subject to the same referendum procedure as provided in the case of ordinances passed by the council. However, a summary of the terms of any such agreement or contract shall be published within ten (10) days after its approval by the council, and any petition for such referendum must be filed within thirty (30) days after such publication to be effective.
The transfer or assignment of any agreement or contract for the renting or leasing of public property may be made only upon approval of the council, but approval of such transfer shall not be subject to referendum.