NY Arts & Cult Aff L § 20.13 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title E - New York State Cultural Resources Act Article 20 - New York State Cultural Resources Act 20.13 - Special Powers of a Trust.

§  20.13.  Special  powers  of  a  trust.   1. A trust shall have such   special  powers  with  respect  to  assisting   participating   cultural   institutions  or  other  not-for-profit  cultural  organizations  as are   provided by special law; provided, that a trust may not develop or cause   to be developed a combined-use  facility  for  use  or  occupancy  by  a   participating  cultural  institution  unless  (i) in a municipality such   institution shall have had average annual admissions of  at  least  five   hundred thousand persons as shown on the records of such institution for   a  period  of  at least five years prior to either the effective date of   this article or the date on which a trust first enters into an agreement   for the development of a combined-use facility for the use or  occupancy   by  such  institution, (ii) in a city having a population of one hundred   twenty-five thousand or more, such institution shall  have  had  average   annual  admissions  of  at  least fifty thousand persons as shown on the   records of such institution for such period and (iii) in any other city,   such institution shall have such minimum average  annual  admissions  as   are  set  forth  in the special law creating a trust; provided, however,   with respect to a participating cultural institution that  is  a  public   television  station  with  respect to which a trust entered an agreement   prior to January first, nineteen hundred ninety the foregoing shall  not   apply and provided further that the decision of the trust in determining   such average annual admissions shall be final.2.  A  trust  may  not  acquire  real property by condemnation, unless   otherwise provided by special law.3. For so long as any 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 shall be exempt from  real  property   taxation pursuant to section 20.33 of this article, the owners from time   to time of such real property shall pay to the trust which has developed   or  approved  the  developer  of such facility, annual or other periodic   amounts, as  tax-equivalency  payments,  at  least  equal  to  the  real   property taxes that would have otherwise been paid or payable in respect   of  such real property; provided, however, that the special law creating   a trust may provide a method for calculating such  real  property  taxes   for purposes of determining the amount of such tax-equivalency payments;   and provided further that the special law creating a trust shall specify   the   purposes   for   which   the   trust  shall  use  or  expend  such   tax-equivalency payments, the means for enforcing such payments and  the   priorities in favor of a trust in connection with such enforcement.4.  A  trust and the participating cultural institution with which the   trust  has  entered  into  an  agreement  for  the  development   of   a   combined-use  facility,  any  facility  for  a  not-for-profit  cultural   organization or a public television facility  prior  to  January  first,   nineteen  hundred  ninety shall each have all rights provided by law, as   if each were the owner of such facility and the real property in  or  on   which  such  facility  is  or is designed to be developed, to contest in   whole or in part any assessment or revised assessment of  the  value  of   such facility and property, or any portion thereof, by appropriate legal   proceedings,  and  for  purposes of this subdivision four, each shall be   deemed  to  be  a  person  aggrieved.  Each  owner  required   to   make   tax-equivalency  payments  to  a trust shall have all rights provided by   law, as if he were the owner of the real property with respect to  which   he is required to make such payments, to contest in whole or in part any   assessment or revised assessment of the value of such real property, and   each such owner shall be deemed to be a person aggrieved for purposes of   this subdivision. 5.  Subject  to  any  agreement  with holders of its notes or bonds, a   trust may enter into an agreement to pay or cause to be paid,  by  means   which may include an agreement with a participating cultural institution   in  a municipality or a not-for-profit cultural institution in a county,   a  developer  or  an  owner,  annual  sums  in  lieu  of  taxes  to  any   municipality or political subdivision of the state, in  respect  of  any   real property which is exempt from taxation pursuant to section 20.33 of   this   article   and  is  located  in  such  municipality  or  political   subdivision, or the special law creating a trust may  provide  for  such   payments in lieu of taxes.