N.Y. Public Authorities Law § 1299-r: Agreements relating to payments in lieu of taxes

§ 1299-r. Agreements relating to payments in lieu of taxes. To the end

that municipal corporations, counties, cities, towns, villages and

school districts may not suffer undue loss of taxes or assessments:

If the authority owns or acquires property and all or any portion of

such property is subsequently developed, improved or used for

non-transportation purposes, it shall during such period of disuse for

transportation purposes be subject to assessment, at the prevailing

method of determining assessments based upon the current assessed value

of all or the relevant portion of such property by the appropriate

assessing unit and the authority shall, based on such assessment,

annually, in lieu of taxes, pay such amount to the municipal corporation

and/or school district.

The authority may, in its discretion, enter into agreements to pay

annual sums in lieu of taxes in respect of any real property which is

owned by the authority and exempt from taxation pursuant to section

twelve hundred ninety-nine-o of this article to the participating

municipal corporation or school district in which the property is

located, provided however, that the amount so paid for any year upon

such property shall not exceed the sum last paid as taxes on such

property to such municipal corporation or school district prior to the

time of its acquisition by the agency.

Vacant properties, properties acquired by the authority for

non-transportation purposes but intended to be used for future

transportation purposes and properties acquired by the authority for

transportation purposes and used as such, shall not be subject to the

payment of any taxes or any payments in lieu thereof except that the

authority shall pay such property special benefit assessments on the

property if it is located in an existing special benefit district.