Section 1343. 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.