N.Y. Arts and Cultural Affairs Law § 55.17

§ 55.17. Payments in lieu of taxes. The trust may, when funds are\navailable and with the approval of the governor, enter into an agreement\nwith a municipality or district within which real property has been\nacquired by the trust providing for the payment of moneys in lieu of\nanticipated tax revenues for a period not to exceed five years whenever\nthe trust shall determine that undue hardship justifying such financial\nrelief has been created by such acquisition.\n