Section 1299-R. Agreements relating to payments in lieu of taxes

To the end
  that  municipal  corporations,  counties,  cities,  towns,  villages and
  school districts may not suffer undue loss of taxes or assessments:
    If the authority owns or acquires property and all or any  portion  of
  such   property   is   subsequently  developed,  improved  or  used  for
  non-transportation purposes, it shall during such period of  disuse  for
  transportation  purposes  be  subject  to  assessment, at the prevailing
  method of determining assessments based upon the current assessed  value
  of  all  or  the  relevant  portion  of such property by the appropriate
  assessing unit and  the  authority  shall,  based  on  such  assessment,
  annually, in lieu of taxes, pay such amount to the municipal corporation
  and/or school district.
    The  authority  may,  in  its discretion, enter into agreements to pay
  annual sums in lieu of taxes in respect of any real  property  which  is
  owned  by  the  authority  and  exempt from taxation pursuant to section
  twelve hundred  ninety-nine-o  of  this  article  to  the  participating
  municipal  corporation  or  school  district  in  which  the property is
  located, provided however, that the amount so paid  for  any  year  upon
  such  property  shall  not  exceed  the  sum  last paid as taxes on such
  property to such municipal corporation or school district prior  to  the
  time of its acquisition by the agency.
    Vacant   properties,   properties   acquired   by  the  authority  for
  non-transportation  purposes  but  intended  to  be  used   for   future
  transportation  purposes  and  properties  acquired by the authority for
  transportation purposes and used as such, shall not be  subject  to  the
  payment  of  any  taxes  or any payments in lieu thereof except that the
  authority shall pay such property special  benefit  assessments  on  the
  property if it is located in an existing special benefit district.