The governing board of a municipality, when authorized to do so by its legislative body, may lease, at one time or from time to time for a term or terms not to exceed 99 years, upon such terms and conditions as the governing board thereof in its discretion deems advisable, air rights over public streets and ways, public parking facilities and other public buildings, land and waters, owned by such municipality, or in which the public has a right to travel or in which such municipality holds less than a fee interest, excluding any dedicated park land, but including rights for support, access, utilities, light and air, for such nonmunicipal purposes as, in the opinion of the governing board thereof, will not impair the construction, use, safety, maintenance or repair of such streets and ways,
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The governing board of a municipality, when authorized to do so by its legislative body, may lease, at one time or from time to time for a term or terms not to exceed 99 years, upon such terms and conditions as the governing board thereof in its discretion deems advisable, air rights over public streets and ways, public parking facilities and other public buildings, land and waters, owned by such municipality, or in which the public has a right to travel or in which such municipality holds less than a fee interest, excluding any dedicated park land, but including rights for support, access, utilities, light and air, for such nonmunicipal purposes as, in the opinion of the governing board thereof, will not impair the construction, use, safety, maintenance or repair of such streets and ways, facilities, buildings, land and waters; provided, however, such municipality shall not execute any leases which would either impair the use and safety of any highway, be solely for outdoor advertising structures or which would violate any provision of those regulations promulgated by the administrator of the Federal Aviation Administration. Any lease granted hereunder may, with the consent of the legislative body of the municipality, be assigned, pledged or mortgaged and the lien of such pledge or mortgage may be foreclosed by appropriate action. The proceeds from any such lease shall be paid into the treasury of such municipality. Any lease granted hereunder may be granted over public streets and ways in which the municipality owns the easement, but not a fee interest, without thereby disturbing the reversionary rights, if any, of the holder of the fee in such public street or way. Nothing herein shall derogate from the right of the municipality holding a fee interest in such streets, ways, facilities, buildings, land or water from conveying air rights in fee or by lease. Any lease promulgated under the authority of this chapter for air rights over state and state aid highways shall have the approval of the commissioner of transportation.