Borough looks to raise rates on tidelands, property leases

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 increa...