§ 1299-r. Agreements relating to payments in lieu of taxes. To the end
that municipal corporations, counties, cities, towns, villages and
school districts may not suffer undue loss of taxes or assessments:

If the authority owns or acquires property and all or any portion of
such property is subsequently developed, improved or used for
non-transportation purposes, it shall during such period of disuse for
transportation purposes be subject to assessment, at the prevailing
method of determining assessments based upon the current assessed value
of all or the relevant portion of such property by the appropriate
assessing unit and the authority shall, based on such assessment,
annually, in lieu of taxes, pay such amount to the municipal corporation
and/or school district.

The authority may, in its discretion, enter into agreements to pay
annual sums in lieu of taxes in respect of any real property which is
owned by the authority and exempt from taxation pursuant to section
twelve hundred ninety-nine-o of this article to the participating
municipal corporation or school district in which the property is
located, provided however, that the amount so paid for any year upon
such property shall not exceed the sum last paid as taxes on such
property to such municipal corporation or school district prior to the
time of its acquisition by the agency.

Vacant properties, properties acquired by the authority for
non-transportation purposes but intended to be used for future
transportation purposes and properties acquired by the authority for
transportation purposes and used as such, shall not be subject to the
payment of any taxes or any payments in lieu thereof except that the
authority shall pay such property special benefit assessments on the
property if it is located in an existing special benefit district.