Section 1299-SS. Agreements relating to payment in lieu of taxes

To the end
  that  municipal  corporations,  counties  and  school  districts may not
  suffer undue loss of taxes or assessments:
    If the authority acquires  property  for  non-transportation  purposes
  (e.g.  for  future  transportation  purposes  but  not  to  be  so  used
  immediately) the authority except as hereinafter provided, shall pay  to
  the  participating county and/or city, town or school district where the
  property is located, annually, in lieu of taxes, a sum equal to the  sum
  last  paid  as  taxes  upon  the  property  prior  to  the  time  of its
  acquisition by the authority.   Should  such  property  be  subsequently
  developed  and  improved  but  still  remain  unused  for transportation
  purposes, it shall during such period of disuse  for  transportation  be
  subject   to   assessment,  at  the  prevailing  method  of  determining
  assessments, by the county and/or city and/or school  district  and  the
  authority  shall,  based on such assessment, annually, in lieu of taxes,
  pay to the county and/or city and/or school district an amount fixed  by
  it.
    If  the  authority  acquires  property for transportation purposes but
  subsequently uses such property for  non-transportation  purposes,  then
  the  authority shall be required, except as hereinafter provided, to pay
  annually in lieu of taxes to the participating county and/or city and/or
  school district wherein such property is located, an amount equal to the
  sum which the said county  and/or  city  and/or  school  district  would
  ordinarily  be  imposed  as  taxes, pursuant to the prevailing method of
  determining assessments.
    Properties acquired by the authority for transportation  and  used  as
  such,  shall  not be subject to the payment of any taxes except that the
  authority shall pay such property special  benefit  assessments  on  the
  property if it is located in an existing special benefit district.