115Lease of land

115 Lease of land (1) A Council's power to lease any land to any person is limited to leases for a term of 50 years or less. (2) Subject to any other Act, and except where section 116 applies, if a Council leases any land to any person subject to any exceptions, reservations, covenants and conditions, it must comply with this section. (3) A Council must include any proposal to lease land in a financial year in the budget, where the lease is— (a) for one year or more and— (i) the rent for any period of the lease is $100 000 or more a year; or (ii) the current market rental value of the land is $100 000 or more a year; or (b) for 10 years or more. (4) If a Council proposes to lease land that is subject to subsection (3) and that was not included as a proposal in the budget, the Council must undertake a community engagement process in accordance with the Council's community engagement policy in respect of the proposal before entering into the lease.