N.Y. Urban Development Corporation Act 174/68 § 26: State payments to municipalities and political subdivisions

§ 26. State payments to municipalities and political subdivisions. In

order to prevent undue loss of revenues to municipalities and political

subdivisions, there shall be annually apportioned and paid by the state,

during the then current state fiscal year, to any municipality or

political subdivision in which an industrial project is located, a sum

equal to one hundred per centum of the average annual real property

taxes paid or due to such municipality or political subdivision on the

real property constituting the project site for three years prior to the

time of its acquisition by the corporation or subsidiary thereof, or in

the case of real property acquired by the corporation from an urban

renewal agency or from a municipality which acquired such property for

urban renewal purposes, for three years prior to the time of its

acquisition by such urban renewal agency or municipality. The chairman

of the corporation shall annually, on or before December first, make and

deliver to the governor and director of the budget his certificate

stating the sum, if any, required to be paid to each municipality and

political subdivision by reason of tax exemptions for industrial

projects received pursuant to section twenty-two of this act, and the

sum or sums so certified, if any, shall be apportioned and paid to each

such municipality and political subdivision, as provided herein. Such

apportionment and payment shall also be made to each municipality and

political subdivision in which is located real property of the

corporation as to which no project findings have been made by the

corporation, pursuant to section ten hereof, and the chairman of the

corporation shall certify the sums required to be paid in respect of

such real property, and the state shall apportion and pay such sums, if

any, in the manner provided herein.