In the event any part of lands as are described in Section 59-1-17 are not used for port purposes, and navigation and commerce will not be impeded thereby, such port commission may sell, lease or otherwise dispose of same to individuals, firms or corporations, public or private, for industrial use, on such terms and conditions and with such safeguard as will best promote and protect the public interest, and they are hereby authorized to transfer title or possession to any part or all of such lands by special warranty deed, lease, contract, or other customary business instrument; however, no such lease shall be executed for a term in excess of ninety-nine years from its date, and before execution of same any such conveyance, lease, contract or other disposition shall be authorized by the affirmative vote of at least two-thirds of the membership of such port commission by order or resolution entered on its minutes, which order or resolution shall set forth the substantial terms of such conveyance, lease, contract, or other disposition. In the event title to any such land under the jurisdiction of the port commission is in the name of the city, no such transaction shall be consummated until and unless the same be authorized by proper resolution of the port commission and of the city, in which event the city shall join the port commission in the execution of any such instrument.
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