The Assembly unanimously passed A-5565, which provides that a 10-year term applies to waterfront properties or properties related to waterfront concessions, while non-waterfront property has a 25-year lease term limit.
Any municipality bordering the Atlantic Ocean may lease, rent, or hire any part of any public park, recreation ground, or building they own not currently needed for municipal purposes. for 10 years. The lease limit will be 25 years for non-waterfront property.
The bill would take effect immediately.
The Senate companion, S-3971 awaits consideration by the Senate Community and Urban Affairs committee.
Contact: Frank Marshall, Esq., Associate General Counsel, fmarshall@njlm.org, 609-695-3481, x137.