Among the revenue-raising measures before the assembly is an ordinance to boost the lease rate on borough-owned tidelands and other parcels.

Several lots around town are borough-owned tidelands and upland properties, leased to private businesses or individuals.

The current annual lease rate is 6% of the property’s market value. If the assembly approves the ordinance, the annual lease rate would increase to 10% of the parcel’s market value “or a negotiated rate, whichever is greater,” according to the ordinance.

For example, the annual lease on a borough-owned lot valued at $25,000 would increase from $1,500 a year to $2,500 a year. The value of any privately owned building or other improvements on the lot is not factored into the lease payment.

The higher rate could net the borough around an additional $15,000 a year.

The assembly approved the ordinance in its first reading on May 13, advancing it to a public hearing on May 27. The assembly can take final action on the ordinance after the hearing.

Under the proposal, the rate would not change until the next reassessment date on each lease. The fee on borough property leases is reassessed every five years, at which time the rate is adjusted to the current market value of the property.

Borough officials told the assembly that City Hall would send a notice of the proposed ordinance to all tidelands leaseholders, alerting them to the public hearing at the assembly’s May 27 meeting.

The ordinance also would allow for longer leases. The current code limits leases to 21 years, plus renewal options for an additional 30 years. The proposed change would establish 40 years as the new standard, with renewal options for an additional 15 years.