N.Y. Urban Development Corporation Act § 26
In order to prevent undue loss of revenues to municipalities and political subdivisions, there shall be annually apportioned and paid by the state, during the then current state fiscal year, to any municipality or political subdivision in which an industrial project is located, a sum equal to one hundred per centum of the average annual real property taxes paid or due to such municipality or political subdivision on the real property constituting the project site for three years prior to the time of its acquisition by the corporation or subsidiary thereof, or in the case of real property acquired by the corporation from an urban renewal agency or from a municipality which acquired such property for urban renewal purposes, for three years prior to the time of its acquisition by such urban renewal agency or municipality. The chairman of the corporation shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sum, if any, required to be paid to each municipality and political subdivision by reason of tax exemptions for industrial projects received pursuant to section twenty-two of this act, and the sum or sums so certified, if any, shall be apportioned and paid to each such municipality and political subdivision, as provided herein. Such apportionment and payment shall also be made to each municipality and political subdivision in which is located real property of the corporation as to which no project findings have been made by the corporation, pursuant to section ten hereof, and the chairman of the corporation shall certify the sums required to be paid in respect of such real property, and the state shall apportion and pay such sums, if any, in the manner provided herein.
N.Y. Urban Development Corporation Act § 26