The department may rent or lease any lands, improvements, or air space above or below any lands that are held for highway purposes but are not presently needed. The rental or lease:

     (1) Must be upon such terms and conditions as the department may determine;

     (2) Is subject to the provisions and requirements of zoning ordinances of political subdivisions of government;

     (3) Includes lands used or to be used for both limited access and conventional highways that otherwise meet the requirements of this section; and

     (4) In the case of bus shelters provided by a local transit authority that include commercial advertising, may charge the transit authority only for commercial space.

[2003 c 198 § 2; 1977 ex.s. c 151 § 50; 1969 c 91 § 1; 1961 c 13 § 47.12.120. Prior: 1949 c 162 § 1; Rem. Supp. 1949 § 6400-122.]