Local news- Press Release
New Jersey League of Municipalities New Jersey - Bill Expanding Lease Term for Certain Municipal Property Advances 05 January 2024 ( news )
New Jersey League of Municipalities , state New Jersey ( By Press Release office)
Jan 05,2024
| 7| 1
On Thursday , January 4 , the Senate Community and Urban Affairs Committee
favorably reported
A - 5565
/
S - 3971
out of committee .
Under current law , the governing body of every municipality bordering on the Atlantic Ocean is authorized to lease , rent , or hire , the whole or any part of any public parks , recreation grounds , or places of public resort , owned by it and not presently needed by the municipality for municipal purposes , or any building or portion thereof for any period not to exceed 10 years .
A - 5565
/
S - 3971
amends
that law to provide that the 10 - year term limitation on leases only applies to municipal properties that are waterfront
properties and
provides that properties that are neither waterfront properties nor related to waterfront activities or concessions
are authorized to
have a 25 - year term limitation on leases .
The League supports this legislation as it
makes vacant property owned by shore towns
more attractive to investors
who prefer a
lease
term
greater than 10 - years
to
recoup costs when
substantial renovation efforts are needed
.
The measure has already passed unanimously in the Assembly . It is now headed for a vote in the Senate on Monday , January 8
where we hope it will pass and be sent to Governor Murphy for his signature .
Contact:Frank Marshall , Esq . , Associate General Counsel ,
fmarshall@njlm . org
, 609 - 695 - 3481 , x137 .
PLAY the NEWS
* May be useful for visually impaired persons .
Press release information :
Direct link to press release:
Click here .
