N.Y. TWN Law § 64-D

§ 64-d. Payment in lieu of taxes for property acquired for open space\npurposes. The town of Southampton, Suffolk county, shall have the power\nand authority with respect to property acquired for open space purposes\nto pay or transfer out of any town funds available to it, annual sums in\nlieu of taxes to the affected taxing jurisdiction, in order that none of\nsuch taxing jurisdictions shall suffer an inequitable loss of revenue by\nvirtue of such open space acquisition. The amount so paid or transferred\nfor any year shall not exceed the sum last levied for the benefit of\nsuch taxing jurisdiction as an annual tax on such property prior to the\ntime of its acquisition for such purposes. As used in this section, the\nterm "taxing jurisdiction" means any municipal corporation or district\ncorporation, including any school district or any special district,\nhaving the power to levy and collect taxes and benefit assessments upon\nreal property or in whose behalf such taxes or benefit assessments may\nbe levied or collected. That the payments or transfers made pursuant to\nthe power and authority granted herein with respect to such property\nshall continue notwithstanding that the legislature of the state of New\nYork may hereinafter alter, modify or replace the current method of\nfinancing of public education and notwithstanding that a court of\ncompetent jurisdiction may hereinafter order that such method of\nfinancing public education be altered, modified or replaced.\n