§ 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.