N.Y. Town Law § 64-c: Payment in lieu of taxes for property acquired for park and recreational purposes

* § 64-c. Payment in lieu of taxes for property acquired for park and

recreational purposes. The town of Hempstead, having acquired certain

property for park and recreational purposes in Lido Beach known as the

Lido Golf Club and the Lido Cabana Club shall have the power and

authority with respect to such property, to pay or transfer out of any

town funds available to it, annual sums in lieu of taxes to the affected

taxing jurisdiction, in order that none of such taxing jurisdiction

shall suffer an inequitable loss of revenue by virtue of such park and

recreational program; provided further, that the amount so paid or

transferred for any year shall not exceed the sum last levied for the

benefit of such taxing jurisdiction as an annual tax on such property

prior to the time of its acquisition for such purposes.

As used in this section, the term "taxing jurisdiction" means any

municipal corporation or district corporation, including any school

district or any special district, having the power to levy and collect

taxes and benefit assessments upon real property in Lido Beach or in

whose behalf such taxes or benefit assessments may be levied or

collected.

That the payments or transfers made pursuant to the power and

authority granted herein with respect to such property shall continue

notwithstanding that the legislature of the state of New York may

hereinafter alter, modify or replace the current method of financing of

public education and notwithstanding that a court of competent

jurisdiction may hereinafter order that such method of financing public

education be altered, modified or replaced.

* NB Expires July 1, 2027