NY Arts & Cult Aff L § 22.09 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title E - New York State Cultural Resources Act Article 22 - Trust for Cultural Resources of the County of Onondaga 22.09 - Special Provisions Relating to the Financing and Development of Facilities in the County of Onondaga.

§ 22.09. Special  provisions relating to the financing and development   of facilities in the county of Onondaga. 1. No individual who serves  on   the  board of trustees, or equivalent body, of a not-for-profit cultural   organization shall be a developer of, or share in  any  profits  arising   from  the  development  of,  the non-institutional portion of a facility   developed or designed to be developed  for  use  or  occupancy  by  such   organization; provided that: (a) a person in which such individual has a   financial  interest  not exceeding five per centum of the equity of such   person may be a developer of, and may share in any profits arising  from   the  development  of, such non-institutional portion, if such individual   refrains from voting at  any  meeting  of  the  board  of  trustees,  or   equivalent  body,  of  such  institution  on  any matter relating to the   approval by the trust of such person as a developer of such portion  and   the terms and conditions of any agreement relating thereto; (b) a person   in which such individual has a financial interest may make a loan to the   trust,  to  a developer or to any other person in the ordinary course of   business  in  connection  with  such  development;  and  (c)  any   such   individual  may  purchase or rent an apartment, or any interest therein,   in such portion, for fair market value.2. No trustee of the trust and no person in which such trustee  has  a   financial interest shall be a developer of the non-institutional portion   of any facility.3.  In  any case in which real property, consisting of all or any part   of the non-institutional portion of a combined-use facility or in or  on   which all or any part of such portion prior to completion is designed to   be  and  upon  completion  is  developed,  is  exempt from real property   taxation pursuant to section 20.33 of this title,  and  subject  to  any   agreements  with  the holders of its bonds or notes, the trust shall pay   or cause to be paid by means which  may  include  an  agreement  with  a   participating  not-for-profit  cultural  organization, a developer or an   owner, annual sums in lieu of taxes to  any  municipality  or  political   subdivision  of  the  state to which such taxes would otherwise be owed,   provided that such payments in lieu of  taxes  shall  be  for  the  full   amount  of any such tax payments due and owing, unless such municipality   or other political subdivision shall agree to a  lesser  payment  for  a   length  of  time  to  be specified in an agreement between the trust and   such municipality or political subdivision; and  provided  further  that   the  trust  shall  not be empowered to receive tax equivalency payments;   and further provided, that the non-institutional portion  shall  not  be   exempt  from  real  property  taxation  from  and after the date a trust   conveys such non-institutional portion to any non-exempt third party.