JACKSONVILLE, Fla. – The JEA board is considering a new contract for CEO Paul McElroy, who has been at the helm of the utility for more than five years.

The new contract would call for McElroy to make a base salary of $520,000. Instead of getting a yearly bonus, his pay would be bumped up by 3 percent each year.

DOCUMENT: JEA CEO contract

The contract also includes a clause about the potential for JEA to go private, which is being discussed by the board.

If the utility does go private and McElroy is fired, he could collect a hefty severance fee, doubling his base pay.

The contract must still be approved by the JEA board.