13:17-38 - Agreements for payments in lieu of taxes - New Jersey Statutes

13:17-38.  Agreements for payments in lieu of taxes
    To the end that municipalities and counties may not suffer undue loss of tax  revenue by reason of the acquisition and ownership of property therein by the  commission, the commission is hereby authorized, empowered and directed to  enter into an agreement or agreements with any municipality or county, whereby  said commission will undertake to pay a fair and reasonable sum or sums to  compensate the said municipality or county for a loss of revenue in connection  with any property acquired and owned by the commission in carrying out the  provisions of this act.  Any such payment or payments which the commission is  hereby authorized, empowered and directed to make may be made on an annual  basis, in which case the payment or payments shall not be less than the amount  of taxes upon the property when last assessed prior to its acquisition by the  commission.  Every municipality and county wherein the property shall be  acquired by the commission is hereby empowered to enter into such agreement or  agreements with the commission to accept the payment or payments which the  commission is herein authorized, empowered and directed to make.

     L.1968, c. 404, s. 37.