Gov. Code, § 50478

(a) A local agency may lease or sublease property owned, leased, or otherwise controlled by it for a period not to exceed 50 years for airport purposes or purposes incidental to aircraft, including all of the following:

(1) Manufacture of aircraft, airplane engines, and aircraft equipment, parts, and accessories.

(2) Construction and maintenance of hangars, mooring masts, flying fields, signal lights, radio equipment, service shops, conveniences, appliances, works, structures, and other air navigation, aircraft, and airplane engine manufacturing plants and facilities.

(b) A local agency and the leaseholder may do any of the following with respect to a lease or sublease entered into pursuant to subdivision (a):

(1) Amend the lease or sublease to extend the duration of the lease or sublease, up to a maximum of 50 years per extension.

(2) Terminate the lease or sublease and enter into a new lease or sublease consistent with the requirements of subdivision (a), up to a term of 50 years, with the same or a related party, to provide for the addition of improvements to the leasehold for the sustainability of the airport.

(3) Transfer an existing lease or sublease to a new or related entity and issue a new lease not to exceed a term of 50 years.