NEW SMYRNA BEACH, Fla. -- While cities across Central Florida tell the public they're running out of money, some have long term leases for prime pieces of public property and they're not getting the going rate.

The Angler's Yacht Club leases space from the City of New Smyrna Beach.

"A lot of money's been put in here," said Gene Sheldon, a member of the club. "We use this on Wednesday nights for members' dinners."

The club has water on two sides and a covered storage area. It's even deep enough to hold huge, high-dollar yachts.

"They're all members, have to be a member to get a slip," said Sheldon.

The Angler’s Yacht club gets it all for $25 a year. It was a lease agreed to back in 1944, and written to last for 99 years.

"It's a contractual arrangement. They made it. A deal's a deal. That's the way I look at," said Mike Brewer, an attorney with the yacht club.

Erik Schwerer lives on his boat, not 50 feet across the water, in the city-owned marina. For his single slip, he pays the city $600 a month.

"I'm not saying it's right. Fact, I would probably say it's not right," said Schwerer.

New Smyrna Beach is not alone in providing sweetheart leases. The Daytona Beach Boat Club pays $1.00 for its rent on public property. Other clubs pay nothing for public land. Commissioners in Daytona have raised concerns and are negotiating a new lease.

City officials say the leases are often old and out of their hands.

"These are leases that were done many years ago and I didn’t do the leases," said City Manager John Hagood.

Hagood told commissioners months ago he would review city leases. It's unclear if that has happened and Mayor Sally McKay refused to be interviewed.

Angler's club members told us they've offered to buy the property outright, so the city could have some income out of it, but the city has refused. So, for now the club is free to keep doing what it's doing and paying what it's been paying for the last 64 years.