(a) Any lease, or the functional equivalent of a lease, of real property owned by the city which has a term of twenty (20) years or longer must be approved by a five- sevenths (5/7) vote of the city commission or by a majority vote of the city's electors voting on such proposal.
(b) Any lease, or the functional equivalent of a lease, of real property owned by the city which can be renewed and which term can reach twenty (20) years, both without an additional vote of the city commission, must be approved by a five-sevenths (5/7) vote of the city commission or by a majority vote of the city's electors voting on such proposal.
(Ord. O-84-14, passed 2-3-84; Am. Ord. O-99-34, passed 10-20-99; Am. Ord. O-2010-29, passed 7-21-2010)