* § 16-n. Collection of payments in lieu of taxes pursuant to leases
with respect to parcels within the Brooklyn bridge park civic project.
(1) Definitions. As used in this section:

(a) "tenant" shall mean any individual, partnership, trust, limited
liability company, public or private corporation (including a
cooperative housing corporation), or other entity holding the tenant's
interest in a residential lease;

(b) "residential lease" shall mean a lease, sublease or other
agreement that relates to any portion of the Brooklyn bridge park civic
project and is designed and intended for the purpose of providing
housing accommodations and such facilities as may be incidental thereto,
the lessor's interest in which is held by Brooklyn bridge park
development corporation;

(c) "underlying parcel" shall mean a parcel subject to a residential
lease; provided, however, that in any case where the tenant's interest
in a residential lease is held by a unit owner, "underlying parcel"
shall mean the parcel in which the unit is included;

(d) "unit owner" and "unit" shall have the meanings specified in
section three hundred thirty-nine-e of the real property law;

(e) "parcel" shall have the meaning specified in section one hundred
two of the real property tax law; provided, however, that in any case
where the tenant's interest in a residential lease is held by a unit
owner, "parcel" shall mean the real property deemed to be a parcel
pursuant to paragraph (a) of subdivision two of section three hundred
thirty-nine-y of the real property law;

(f) "Brooklyn bridge park" shall mean the park and facilities
consisting of approximately eighty-five acres in the city of New York,
county of Kings, state of New York established pursuant to the Brooklyn
bridge park civic project undertaken by Brooklyn bridge park development
corporation, a subsidiary of the corporation, but excluding the areas
thereof developed or to be developed for private residential or
commercial use pursuant to a lease, sublease or similar agreement with
Brooklyn bridge park development corporation which areas may be
inclusive of any easement area granted in connection with such
development;

(g) "Brooklyn bridge park civic project" shall mean the park and
facilities consisting of approximately eighty-five acres in the city of
New York, county of Kings, state of New York established pursuant to the
Brooklyn bridge park civic project and the general project plan adopted
July twenty-sixth, two thousand five and affirmed as modified on January
eighteenth, two thousand six undertaken by Brooklyn bridge park
development corporation, a subsidiary of the corporation, as such
general project plan may be further amended, modified or supplemented;

(h) "qualified leasehold condominium" shall have the meaning specified
in section three hundred thirty-nine-e of the real property law.

(2) With respect to each underlying parcel which is owned in fee or
leased pursuant to a ground lease by Brooklyn bridge park development
corporation and is exempt from real property taxes pursuant to this act
or otherwise, the residential lease for such underlying parcel shall
provide for the payment by the tenant under such residential lease of
annual or other periodic amounts equal to the amount of real property
taxes that otherwise would be paid or payable with respect to such
underlying parcel, after giving effect to any real property tax
abatements and exemptions, if any, which would be applicable thereto, if
Brooklyn bridge park development corporation was not the owner or lessee
of the underlying parcel.

(3) With respect to all parcels owned or leased by Brooklyn bridge
park development corporation that do not constitute an underlying parcel
and are exempt from real property taxes pursuant to this act or
otherwise, the lease, sublease or other agreement for such parcel or any
portion thereof may provide for the payment by the lessee (or sublessee)
under such lease, sublease or other agreement of annual or other
periodic amounts in lieu of real property taxes that otherwise would be
paid or payable with respect to such parcel, after giving effect to any
real property tax abatements and exemptions, if any, which would be
applicable thereto, if Brooklyn bridge park development corporation was
not the owner or lessee of the parcel.

(4) In addition, the lease, sublease or other agreement for each
parcel or any portion thereof may provide for the payment of interest by
the unit owner and any lessee (or sublessee) of a parcel (or a portion
thereof) for amounts overdue, as of the dates and in the same amounts
provided for the payment of overdue real property taxes in the city of
New York.

(5) Payments received pursuant to this section, and all interest and
earnings thereon, shall be:

(a) from the period commencing on the effective date of this section
until the twentieth anniversary thereof, used to improve, operate and
maintain the Brooklyn bridge park, unless otherwise agreed to be used
for the other purposes specified in paragraph (b) of this subdivision in
such agreements as may from time to time be entered into among Brooklyn
bridge park development corporation, the city of New York and the state
of New York by an entity designated by the governor; and

(b) from the twentieth anniversary of the effective date of this
section,

(i) used to improve, operate and maintain the Brooklyn bridge park,

(ii) set aside in appropriate and reasonable reserve accounts, taking
into account all other revenue received or anticipated by the Brooklyn
bridge park development corporation from properties in the Brooklyn
bridge park civic project, for expenses to be incurred for the purposes
set forth in subparagraph (i) of this paragraph, or

(iii) paid into the general fund of the city of New York to be used
for its general public purposes, all in accordance with such agreements
as may from time to time be entered into among Brooklyn bridge park
development corporation, the city of New York, and the state of New York
by an entity designated by the governor.

(6) Any state or city agency, department or authority to the extent
authorized under applicable law may render such services within their
functions, such as the collection and enforcement of payments owed
pursuant to this section, as may be requested.

(7) All leases shall permit the assignment by Brooklyn bridge park
development corporation of its right, title and interest in such lease
to the entity which (a) is designated to operate and maintain the
Brooklyn bridge park and is an instrumentality of the state of New York
or the city of New York, (b) enables each underlying parcel and the
improvements thereon to remain a qualified leasehold condominium and
remain exempt from real property taxes, and (c) is authorized and
required by applicable law to:

(i) collect the annual or other periodic amounts that would have been
collected pursuant to this section had such assignment not been made;
and

(ii) demand from, and be entitled to, interest payments by the unit
owner and any lessee (or sublessee) of a parcel (or portion thereof),
for such amounts past due, as of the dates and in the same amounts
provided for the payment of past due real property taxes in the city of
New York.

* NB There are 2 § 16-n's