§ 211. Exemption from increase in local taxation. 1. A local
legislative body is hereby authorized, by adopting or enacting an
ordinance or local law, to exempt all or part of the real property held
by redevelopment corporations during a maximum exemption period, which
shall not exceed ten years, which represents an increase in any local
tax over the maximum local tax. After the adoption or enactment of such
an ordinance or local law, every parcel of real property held by any
redevelopment corporation in the city shall be exempt during the maximum
exemption period, from that portion of each and every local tax to the
extent that such exemption has been granted by such ordinance or local
law. If, during the last year of the maximum exemption period, such
exemption is in existence on the day such local tax, or installment
thereof, becomes a lien on such parcel of real property, such exemption
shall extend for the full tax year for such local tax and shall not be
apportioned because of the expiration of the maximum exemption period
during such tax year.

2. For the purpose of fixing the date of commencement of the maximum
exemption period for a group of parcels of real property in a
development area, a city is hereby authorized, with the approval of its
local legislative body, except that if there is a board of estimate in
the city, then with the approval of the board of estimate, to contract
with a redevelopment corporation to place in one or more groups the
various parcels of real property therein. Such a contract may provide
that all of the parcels in each group may be deemed to have had a common
stated date of acquisition by the redevelopment corporation, regardless
of the actual date of acquisition of each parcel contained therein. Such
agreed date of acquisition shall thereupon serve as a basis for
computing the maximum exemption period for each parcel of real property
in the group. Such agreed date of acquisition shall not be later than
the date of the actual acquisition of one or more parcels of real
property in the group. After the making of any such contract, all of the
parcels of real property in any such group shall be treated as a unit
for the purposes of the assessment and collection of each local tax, and
the maximum exemption period so computed shall be binding with respect
to each local tax.