(a) Notwithstanding the provisions of Section 595, the Board of Recreation and Park Commissioners may lease, to the highest responsive and responsible bidder in accordance with Section 371, subsurface space under any public park or public grounds under its control subject to the following conditions:
(1) The use will not breach the conditions under which the land has been deeded to the City.
(2) The board finds that the works to be constructed will not result in material detriment to the purpose for which the land was dedicated or set aside by the City. The board’s finding will become final and conclusive upon Council approval by ordinance.
(3) The lease shall not exceed a term of 50 years.
(4) The lease is for the construction and operation of a public parking structure, subway or subway station. The operation of a public parking structure shall include related incidental facilities and functions. The retail sale of gasoline, oil and accessories and the provision of service to private vehicles shall be prohibited except at the Pershing Square subterranean parking structure. This prohibition shall apply to the department and its lessees, sub-lessees, partners and franchisees.
(5) The board shall prescribe the terms and conditions of the lease, and the proceeds shall be paid into the Recreation and Parks Fund.
(6) The lease shall be approved by the Council by ordinance.
(b) The board may design, construct and operate subsurface parking structures under lands within its control, subject to subsection (a)(1) and (2) of this section. The revenue derived from the operation of the parking structures shall be paid into the Recreation and Parks Fund.