N.Y. Arts and Cultural Affairs Law § 55.17: Payments in lieu of taxes

§ 55.17. Payments in lieu of taxes. The trust may, when funds are

available and with the approval of the governor, enter into an agreement

with a municipality or district within which real property has been

acquired by the trust providing for the payment of moneys in lieu of

anticipated tax revenues for a period not to exceed five years whenever

the trust shall determine that undue hardship justifying such financial

relief has been created by such acquisition.