2015 New York Laws
ACA - Arts and Cultural Affairs
Title T - NATURAL HERITAGE TRUST
Article 55 - (55.01 - 55.23) NATURAL HERITAGE TRUST
55.17 - Payments in lieu of taxes.

 55.17. Payments  in  lieu  of  taxes.  The trust may, when funds are
  available and with the approval of the governor, enter into an agreement
  with a municipality or district within  which  real  property  has  been
  acquired  by  the  trust  providing for the payment of moneys in lieu of
  anticipated tax revenues for a period not to exceed five years  whenever
  the  trust shall determine that undue hardship justifying such financial
  relief has been created by such acquisition.