A borough acquiring land under the provisions of this chapter is authorized and empowered to establish, equip, condition, operate and maintain the land as a municipal airport and may lease the land, or any part, to any individual or corporation desiring to use the same for aviation purposes. A borough may enter into a contract, in the form of a lease, providing for the use of the land, or any part, by the Federal Government for its use of the land for aviation purposes upon nominal rental or without consideration.