The Board of Recreation and Park Commissioners may lease for recreational purposes any municipal auditoriums, arenas, sports centers or related facilities subject to the following conditions:
(a) The term of the lease shall not exceed 35 years. Leases in excess of five years shall be approved by the Council by ordinance.
(b) The public must be entitled to use and enjoy the property or facility for the purposes for which it was acquired, constructed or completed and any lease shall require the lessee to operate the property or facility so as to furnish the public with that use and enjoyment.
(c) The board may enter into the lease without inviting bids and may prescribe other terms and conditions as it deems appropriate.