§ 430. Interdenominational centers. 1. Real property owned by a
corporation organized for the purposes of establishing an
interdenominational center to assist in the work of and to promote
cooperation among various religious denominations, and to acquire or
erect a building or buildings for such center and to lease a portion or
portions thereof for the use of religious, educational, missionary and
charitable corporations or associations, or real property leased to a
corporation organized for such purposes by a corporation organized for
purposes which are exempt under this section or section four hundred
twenty-a, four hundred twenty-b, four hundred twenty-two, four hundred
twenty-four, four hundred twenty-six or four hundred twenty-eight of
this chapter, shall be exempt from taxation and exempt from special ad
valorem levies and special assessments to the extent provided in section
four hundred ninety of this article, to the same extent and subject to
the same conditions and exceptions as property of a corporation
organized exclusively for religious, educational, missionary or
charitable purposes.

2. In addition to any other rental moneys allowed to be charged for
such use, with the consent of each corporation or association that
leases a portion of such real property, the interdenominational center
may require each such lessee to make payment on an annual basis to a
capital improvement fund, the funds to be used exclusively for capital
improvements, as defined in this subdivision, in accordance with a
capital improvement plan adopted or updated annually by the
interdenominational center. For purposes of this section, "capital
improvement" shall mean any addition to, replacement of, or remodeling
of physical plant, structures, or equipment now or hereafter owned by an
interdenominational center, which is used or is to be used in connection
with the operation of the interdenominational center, and which shall
include improvements to land, but not land itself.