Utilization, sale or lease of air space above or below municipal rights of way, streets and other municipally owned immovable property

A. Each municipality of the state may utilize for its public purposes the air space above or below municipally owned streets, rights of way and other municipally owned immovable property, and, pursuant to R.S. 33:4712 and as otherwise provided by law, may lease for a term not to exceed ninety-nine years, may assign the municipality's rights therein, or otherwise permit the use of any air space above or below municipally owned streets, rights of way, and other municipally owned immovable property, which is, in the opinion of the municipal governing authority, not needed for public purposes, to or with other political corporations of this state, or private persons, in the manner provided in R.S. 33:4712, provided, however, that no building or structure erected above any street or right of way shall exceed the height limitations imposed by any local ordinance or regulation, nor shall any such building or structure exceed three hundred feet in height. B. All such sales or leases of air space shall be subordinate to and without prejudice to all existing grants of the use of said space, including franchises or permits in favor of regulated public utilities.