A. A lease of borough land may be issued for not more than 35 years.

B. The applicant shall state in the application the term desired. In determining whether to grant a lease for the requested term, the assembly shall consider the nature, extent, and cost of the improvements which the applicant agrees to construct thereon as a condition of the lease, the value of the applicant’s proposed use to the economy of the borough, and other relevant factors.

C. Notwithstanding subsection (A) of this section, unless the ordinance authorizing a lease specifically provides for a longer term, the maximum term of a lease shall be 10 years.

D. A renewable option exercisable at the discretion of the lessee shall be counted in determining the term of the lease for the purposes of this section.