No lands shall be leased, or a renewal lease issued therefor, unless the same has been appraised within one year prior to the date fixed for the beginning of the term of the lease or renewal lease. No land shall be leased for an annual rent less than $500.00 or 10 percent of the appraised value of the land and any improvements thereon owned by the borough, whichever is more. The assessor may provide an estimate of value in place of an appraisal when the likely cost of the appraisal is excessive compared to the likely rent. (Ord. 21-07-588 § 4; Ord. 19-02-518 § 4)