New York Arts and Cultural Affairs Law

Sec. § 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.

Last accessed
Dec. 13, 2016