New York Laws
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.

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