Legislation
SECTION 55.17
Payments in lieu of taxes
Arts and Cultural Affairs (ACA) CHAPTER 11-C, TITLE T, ARTICLE 55
§ 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.
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.