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Legislative Advocacy

Posted on: January 5, 2024

Bill Expanding Lease Term for Certain Municipal Property Advances

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. 

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