Section 2770. Agreements relating to payment in lieu of taxes

1. In order
  to assure that municipalities may not suffer  undue  loss  of  taxes  or
  assessments  in  the  event that the authority acquires any airport from
  the county, any person paying real property taxes or assessments  as  of
  the  date  of  the transfer of title from the county to the authority on
  any property located within any such airport shall make payments in lieu
  of taxes in an amount equal  to  the  sums  which  would  ordinarily  be
  imposed  as taxes by any municipality in which such property is located,
  pursuant to the prevailing method of determining taxes and assessments.
    2. Subject to any agreement with bondholders, the authority  may,  but
  is  not  required to, enter into agreements with any municipality of the
  state to pay annual sums in lieu of taxes to any  such  municipality  in
  respect  of any real property which is owned by the authority is located
  in such municipality  and  is  used  for  public  aviation  purposes  or
  pollution  control  purposes.  For  the  purposes  of this section, such
  public aviation purposes shall include without limitation  air  terminal
  facilities, parking facilities, fuel facilities, maintenance facilities,
  and  facilities  for  the  loading,  unloading,  holding, interchange or
  transfer of passengers, freight, baggage or cargo.
    3. In the event that any real property owned by the authority is  used
  or is to be used by the authority or a lessee thereof for purposes other
  than  public aviation purposes, the authority, or lessee thereof, as the
  case may be, shall enter into agreements with any  municipality  of  the
  state  to  pay  annual  sums  in  lieu  of taxes in respect of such real
  property located in such municipality. For the purposes of this section,
  such purposes other than public aviation purposes shall include  without
  limitation hotels, motels, restaurants and retail stores and concessions
  not  located  within  any air terminal building, office buildings to the
  extent not used by the authority or any other public corporation for its
  own corporate purposes, and such other  buildings  and  improvements  as
  determined  by  the  authority to be not exclusively for public aviation
  purposes.
    The authority shall determine (i) the amount of such  annual  payments
  in  lieu of taxes, (ii) whether the use of such property is for purposes
  other than public aviation purposes and (iii) the extent to  which  such
  property  is  used  for purposes other than public aviation purposes. In
  making such determinations the authority shall take  into  consideration
  the recommendations, if any, of the county.