Section 74-C. Taking of billboards

1.  If  any local law, ordinance or
  resolution adopted by a municipal corporation in  the  exercise  of  its
  police  power  shall  require  the  removal  of  any legally erected and
  maintained billboard or like outdoor advertising device, which is leased
  or rented for profit in areas zoned industrial  or  manufacturing,  just
  compensation  for said taking shall be determined in accordance with the
  provisions  of  article  five  of  the  eminent  domain  procedure  law;
  provided,  however,  section  five  hundred two of such law shall not be
  applicable in any such proceeding.
    2. Unless  compensation  therefor  is  provided  pursuant  to  section
  eighty-eight  of  the  highway  law,  if  any  local  law,  ordinance or
  resolution adopted by a municipal corporation in  the  exercise  of  its
  police  power  shall  require  the  removal  of  any legally erected and
  maintained billboard or like outdoor advertising device, which is leased
  or rented for profit, and which is located in an  area  or  zone,  other
  than  an  industrial or manufacturing zone, the display shall be allowed
  to remain in existence for the period of  time  set  forth  below  after
  giving notice of the removal requirement:
 
            fair market value on date of            minimum years
            notice of removal requirement              allowed
                    under     $1,999                      3
                    $2,000 to $3,999                      4
                    $4,000 to $5,999                      6
                    $6,000 to $7,999                      7
                    $8,000 to $9,999                      9
                    $10,000 and over                     10
 
    If  the  removal  is  required  sooner  than  the amortization periods
  specified herein, such removal by any local law, ordinance or resolution
  adopted by the municipal corporation shall  be  with  just  compensation
  being paid for such taking and removal determined in accordance with the
  provisions  of  article  five  of the eminent domain procedure law or in
  accordance with any table of values established by the state  department
  of  transportation;  provided  however  section  five hundred two of the
  eminent domain procedure  law  shall  not  be  applicable  to  any  such
  proceeding.
    Notwithstanding  any  other  law, rule or regulation, all amortization
  periods under such laws, ordinances or resolutions  shall  commence  not
  earlier than January first, nineteen hundred ninety.
    3. The provisions of this section shall not apply to any city having a
  population of one million or more.