OTISFIELD — Ninety-nine-year leases for the town-owned Heniger Park on Pleasant Lake were mailed this week, selectmen announced Wednesday evening.

“It’s done,” board Chairman Hal Ferguson said.

The document gives the 37 leaseholders the opportunity to continue the arrangement with the town for the next 99 years on 10-year increments, or to forfeit that right and let their current leases run out.

Thirteen leaseholders, whose leases end this year, will also be offered the opportunity to extend their leases to 2040.

The signed leases are effective July 1.

“This is your last chance,” Ferguson said. “If you decide not to do this, the lease will be put out to the general public. You can take it or leave it.”

Future boards could decide to change the terms of the lease, selectmen said.

In June 2014, voters supported selectmen offering new agreements. They grant 99-year leases if leaseholders agree to terminate their current 50-year one in writing between Jan. 1 and April 30, 2015.

Selectmen and members of the Heniger Park Reassessment Committee worked the past two years to increase lease fees to reflect what they say is fair market value for all Pleasant Lake camps — whether on leased land or not.

Heniger Park, the 100-acre parcel of mostly wooded land, was left to the town in 1943 by noted Broadway producer Jacob Heniger. His will stipulated that the Board of Selectmen decide what would be done with the real estate.

In 1965, the board drew up agreements allowing people to lease 37 lots for fees ranging from $0 to $50 per year for 50 years. Leaseholders were allowed to build camps, and most did, paying taxes on the full value of structures, but not on the leased land.

The 50-year leases are calculated on an assessed value of $15,000 for back lots and $30,000 for lakefront lots, which is multiplied by the current tax rate. The lease fee of $0 to $50 is added on.

Under the new agreements, the value for lakefront lots is $213,000 and back lots is $44,340. A land capitalization rate of 2.2 percent is applied as the lease fee.

It is expected to increase taxes the town takes on the lots from $9,528 to $100,551 annually, based on the current tax rate.

Buildings on the lots are taxed at the rate of $12 per thousand dollars of assessed value.

A lot that has not been leased will be put out for bids.

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