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A. Lease” means an agreement granting exclusive possession or use of borough land for a specific period of time and in accordance with specific terms.

B. An assembly ordinance authorizing land to be leased shall be required. The ordinance shall identify and disclose any known existing mining claims on the property and other known third party interests impacting or impacted by the proposed lease. Those with a known land interest in adjoining properties shall be notified of the proposed lease, claims and interests.

C. The borough may provide for a competitive process to lease borough land. The borough shall require a competitive process to lease borough land that is suitable for a commercial or industrial use if more than one person in the notification area submits a request to lease the property. The competitive process shall be conducted according to the requirements of FNSBC Title 16. The requirements of this subsection do not apply to leases to other governmental units or to leases within existing park facilities. The borough administration shall notify the assembly by memorandum when a lease agreement is executed and publish on the borough’s website.

D. The assembly may authorize the mayor to lease borough land for less than fair rental value only if the ordinance authorizing the lease contains a finding that the lease is for a compelling public purpose or use and a statement of the facts on which the finding is based. The mayor shall periodically reappraise leased borough land to determine fair rental value.

E. The term of the lease shall be based on the nature of the improvements to be made by the lessee and shall be long enough to allow for amortization of improvements made by the lessee, plus a period of not more than 10 years. A lease for a term in excess of 10 years shall be recorded. A lease may contain a provision granting the lessee of borough land the right to renew the lease.

F. The mayor may require a proposed lessee to cause the borough land to be surveyed at the proposed lessee’s own expense.

G. The proposed lessee shall submit to the mayor a property improvement plan that includes a schedule for proposed improvements. When the lease terminates, the lessee shall remove all improvements made pursuant to the improvement plan except those improvements that the lease specifies shall become the property of the borough, and the lessee shall restore the land to the same condition it was in at the time the lease was executed. Improvements that are not removed by the lessee at the expiration of the lease shall become the property of the borough. (Ord. 2018-07 § 3, 2018; Ord. 2015-56 § 2, 2016; Ord. 86-056 § 2, 1986. 2004 Code § 25.10.030.)