(1) The department, or any local transit agency that has received state funding for a park and ride lot, may enter into a lease with private entities allowing them to operate food or beverage retailers, restaurants, grocery and convenience stores, or other private enterprises that are of benefit to the traveling public at park and ride lots owned by the department or local transit agency.

(2) The department or local transit agency must take all necessary action to ensure the most favorable lease rates for the state or local transit agency, whether by bid or other reasonable manner, and to require the lessee to enter into any other contract or agreement to protect the state and its citizens or the local transit agency from commercial harm or other type of harm. Any lease entered into under this section must ensure that the lease payments are at fair market value and comparable to market rates in the area of the park and ride lot. Lease payments must first be applied towards maintenance and operations of the applicable park and ride lot and the remainder must be deposited into the multimodal transportation account created under RCW 47.66.070.

(3) The department must adopt and enforce such reasonable rules that are consistent with and necessary to carry out this section, including a flexible process to prioritize local business interests when entering into lease agreements.