The Council is authorized, in its discretion, to lease, as lessor, sell or exchange at private sale any lands now owned or hereafter acquired by the Town adjoining the lands now owned by the Town for the Wallace Municipal Airport upon such terms and conditions as the Council deems reasonable and necessary. The Council is further authorized, in its discretion, to purchase or lease, as lessee, from the owners thereof any lands or any interest in lands adjoining the lands now owned or hereafter acquired by the Town for the Wallace Municipal Airport upon such terms and conditions as the governing body deems reasonable and necessary.