Any agreement or contract for the renting or letting of public property to any person for a period longer than three years shall be subject to the same referendum procedure as is provided in the case of ordinances passed by the Commission. It is provided however that notice of such agreement or contract shall be published promptly after making thereof and any petition for such referendum must be filed within thirty days after such publication.
The transfer or assignment of any agreement or contract for the renting or letting of public property may be made only upon approval of the Commission but approval of such transfer shall not be subject to referendum.