* § 905. Town of Hempstead industrial development agency. 1. For the
benefit of the town of Hempstead, county of Nassau, and the inhabitants
thereof, an industrial development agency, to be known as the TOWN OF
HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY, is hereby established for the
accomplishment of any or all of the purposes specified in title one of
article eighteen-A of this chapter. It shall constitute a body corporate
and politic, and be perpetual in duration. It shall have the powers and
duties now or hereafter conferred by title one of article eighteen-A of
this chapter upon industrial development agencies and provide that the
exercise of the powers by such agency with respect to the acquisition of
real property whether by purchase, condemnation or otherwise, shall be
limited to the corporate limits of the town of Hempstead, and such
agency shall take into consideration the local zoning and planning
regulations as well as the regional and local comprehensive land use
plans. It shall be organized in a manner prescribed by and be subject to
the provisions of title one of article eighteen-A of this chapter. Its
members shall be appointed by the governing body of the town of
Hempstead, county of Nassau. The agency, its members, officers and
employees, and its operations and activities shall in all respects be
governed by the provisions of title one of article eighteen-A of this
chapter.

2. Prior to the approval of any application for a payment in lieu of
taxes (hereinafter referred to in this section as "PILOT") agreement by
the agency for a project located in the village of Freeport or the
village of Hempstead, the chief executive officer of the affected
village shall be consulted. The agency shall also consult with the
village governing body prior to any PILOT agreement being approved by
the agency for a project located in the village of Freeport or the
village of Hempstead. In addition, the agency shall obtain an impact
analysis to determine the impact on the village of the project and the
planned PILOT agreement. The applicant for such PILOT agreement shall
bear the costs related to the required impact analysis. The agency and
the village governing body shall jointly select a qualified entity to
conduct the impact analysis. The membership of the agency, when
reviewing applications and approving PILOT agreements for projects
located in the village of Freeport or the village of Hempstead, shall
include at least one member of such village's governing body and at
least three at large members drawn from a cross section of the village
community.

3. The agency shall review any PILOT agreement for a project located
in the village of Freeport or the village of Hempstead after the third
year of entering into such PILOT agreement, and every third year
thereafter, and adjust the PILOT agreement accordingly based on changes
to the assessed value and tax rate of all other real properties located
in such villages. The agency shall provide a written report to the
village of Freeport and the village of Hempstead documenting any and all
variances or changes to the projected revenues of such villages from any
such PILOT agreement.

4. A PILOT agreement for a project located in the village of Freeport
or the village of Hempstead shall not be renewed or renegotiated until a
full audit has been completed of the accounts of the party obligated to
make payments in lieu of taxes pursuant to the PILOT agreement with the
agency. The agency and the village governing body shall jointly choose a
qualified entity to conduct such audit. The party that is obligated to
make payments in lieu of taxes pursuant to the PILOT agreement with the
agency shall bear the costs of preparing such audit. The village of
Freeport or the village of Hempstead may request from the office of the
state comptroller an audit or review of the audit prior to the renewal
or renegotiation of a PILOT agreement for a project located in the
village of Freeport or the village of Hempstead.

* NB Agency expires per §§ 856 and 882