Bill Text: NY A10459 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to establishing a trust for cultural resources in the town of Cheektowaga and the city of Buffalo.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-05-27 - referred to tourism, parks, arts and sports development [A10459 Detail]
Download: New_York-2015-A10459-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10459 IN ASSEMBLY May 27, 2016 ___________ Introduced by M. of A. WOZNIAK -- read once and referred to the Commit- tee on Tourism, Parks, Arts and Sports Development AN ACT to amend the arts and cultural affairs law, in relation to estab- lishing a trust for cultural resources for the town of Cheektowaga and the city of Buffalo The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The arts and cultural affairs law is amended by adding a 2 new article 22-A to read as follows: 3 ARTICLE 22-A 4 TRUST FOR CULTURAL RESOURCES OF THE TOWN OF CHEEKTOWAGA 5 Section 22.20. Special definitions. 6 22.21. Legislative findings and statement of purposes. 7 22.22. Creation and administration of the trust. 8 22.23. Special powers of the trust relating to assisting partic- 9 ipating cultural institutions. 10 22.24. Special provisions relating to the financing and develop- 11 ment of facilities in the town of Cheektowaga. 12 § 22.20. Special definitions. As used or referred to in this article, 13 all terms shall have the meanings set forth in section 20.03 of this 14 chapter, except that the following terms shall have the following mean- 15 ings: 16 1. "Town" shall mean the town of Cheektowaga. 17 2. "Mayor" shall mean the mayor of the town. 18 3. "Participating cultural institution" shall mean any person formed 19 other than for profit which operates or makes available a cultural 20 facility in the city, including but not limited to museums, performing 21 arts centers, public television and radio stations, theaters, auditori- 22 ums, libraries, exhibition, performance and rehearsal space, galleries, 23 artists' and dancers' studios, recording studios, and recreational, 24 educational, office, living, parking, restaurant, retail or storage 25 space related to any of the foregoing. The decision of the trust in 26 determining that a person is a participating cultural institution shall 27 be final and conclusive. The annual average admissions of each person EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13382-02-6A. 10459 2 1 which would itself qualify as a participating cultural institution and 2 which leases or licenses space in a performing arts center from another 3 participating cultural institution (the "lessor") shall be attributed to 4 the lessor for purposes of this article and article twenty of this chap- 5 ter. 6 4. "Trust for cultural resources" or "trust" shall mean the trust for 7 cultural resources of the town of Cheektowaga created by this article. 8 5. "Cultural district" shall mean a geographic area of a city, town or 9 village with a concentration of cultural institutions within its 10 borders. 11 § 22.21. Legislative findings and statement of purposes. 1. The legis- 12 lature hereby finds, determines and declares: 13 (a) that certain major cultural institutions located in the town are 14 invaluable cultural, educational and recreational resources of the state 15 and the continued operation of such institutions in the town is for the 16 benefit of the people of the state and the town; 17 (b) that by reason of the severe economic and fiscal problems facing 18 both the state and town, neither the state nor the town is able to 19 adequately support the cultural institutions of the town in their 20 efforts both to provide cultural, recreational and educational opportu- 21 nities to the people of the state and to improve the viability and 22 growth of cultural organizations in the town; and 23 (c) that it is in the interest of the people of the state and for 24 their benefit and welfare to encourage the creative and innovative use 25 of public and private resources in order to preserve and protect the 26 cultural resources of the town and otherwise to effectuate the purposes 27 of this article and article twenty of this chapter by the creation of 28 the trust for cultural resources of the town of Cheektowaga. 29 2. The legislature hereby further finds, determines and declares that 30 the creation of the trust for cultural resources of the town of Cheekto- 31 waga and the delegation to the trust of part of the sovereign power of 32 the state are in all respects for the benefit of the people of the state 33 and constitute a governmental, state, municipal and public purpose; and 34 that the exercise by the trust of the functions and powers granted to it 35 under this article constitutes the performance of an essential public 36 and governmental function. 37 § 22.22. Creation and administration of the trust. 1. There is hereby 38 created the trust for cultural resources of the town of Cheektowaga 39 which shall have all the powers, rights, privileges and exemptions of a 40 trust for cultural resources described in article twenty of this chapter 41 and this article. 42 2. The board of trustees of the trust shall consist of five trustees, 43 all of whom shall be appointed by the mayor with the approval of the 44 town council after consultation with persons designated by participating 45 cultural institutions. The mayor, after consultation with such persons, 46 shall appoint a trustee as chairperson of the board of trustees. The 47 chairperson shall preside over all meetings of the board of trustees, 48 and after consultation with the mayor, the chairperson shall appoint a 49 trustee as president and chief executive officer of the trust. The 50 chairperson and the president and chief executive officer shall have 51 such powers and duties as are set forth in the by-laws of the trust. 52 Trustees shall be appointed for a term of six years from the effective 53 dates of their appointments; provided, however, that the term of office 54 of two trustees first appointed, other than the chairperson and the 55 president, shall be five years , and the term of office of one trustee 56 first appointed, other than the chairperson and the president, shall beA. 10459 3 1 four years. All trustees shall continue to hold office until their 2 successors have been appointed. If at any time there is a vacancy in the 3 membership of the board of trustees, by reason of death, resignation, 4 disqualification or otherwise, such vacancy shall be filled for the 5 unexpired term in the same manner as the original appointment. The mayor 6 may remove any trustee from office for cause. 7 § 22.23. Special powers of the trust relating to assisting participat- 8 ing cultural institutions. In addition to such powers as are conferred 9 elsewhere in article twenty of this chapter and this article, the trust 10 shall have the following powers which may be exercised, at the 11 discretion of the board of trustees, solely and exclusively in further- 12 ance of its corporate purposes with or without public auction or 13 bidding: 14 1. to undertake surveys of the present and anticipated needs of not- 15 for-profit cultural organizations in the town, including without limita- 16 tion the need for development of the facilities of such organizations, 17 in order to determine whether or not the trust may effectively exercise 18 its powers and fulfill its purposes in cooperation with any such organ- 19 izations; 20 2. to develop facilities for not-for-profit cultural organizations or 21 cause such facilities to be developed, in accordance with this article 22 and article twenty of this chapter, to acquire in connection therewith 23 real property of a not-for-profit cultural organization, subject to the 24 retention or creation by such organization of any future or remainder 25 interests in such property, all of which shall be valid notwithstanding 26 any rule against perpetuities, and in connection therewith, to install 27 or cause to be installed water, fuel, gas, electrical, telephone, heat- 28 ing, air-conditioning and other utility services, including appropriate 29 connections; 30 3. to maintain, repair, keep up, manage and operate its real property 31 and any facility for a not-for-profit cultural organization or part 32 thereof developed by or pursuant to an agreement with it, by means which 33 may include the enforcement of its rules and regulations in the manner 34 described in paragraph (d) of section two hundred two of the not-for- 35 profit corporation law with the same effect as though such paragraph 36 applied to the trust and to such property and facility; 37 4. to offer to convey and to convey all or any part of the non-insti- 38 tutional portion of a facility or any interest therein, and to take any 39 and all actions deemed necessary or appropriate by the trust to adver- 40 tise, promote, encourage, and effect such conveyances, all future or 41 remainder interests created or retained by the trust in connection ther- 42 ewith which shall be valid notwithstanding any rule against perpetui- 43 ties; 44 5. to convey with or without consideration, to a not-for-profit 45 cultural organization the institutional portion of a facility developed 46 in cooperation with such organization and any real property held by the 47 trust in connection with such development; 48 6. to enter into a partnership, joint venture or other enterprise in 49 any capacity deemed by it to be appropriate, for the purpose of develop- 50 ing and operating a facility for a not-for-profit cultural organization 51 or any part thereof; 52 7. to convey, without public auction or bidding, any real property to 53 a developer for the purpose of developing therein or thereon a facility, 54 or a part or portion thereof, subject to the creation or retention by 55 the trust of such future or remainder interests in such property as itA. 10459 4 1 deems appropriate, all of which shall be valid notwithstanding any rule 2 against perpetuities; 3 8. to purchase or lease the institutional portion of a facility from 4 the developer thereof for use and occupancy by a not-for-profit cultural 5 organization; 6 9. to furnish not-for-profit cultural organizations with advice and 7 with technical and other assistance; to act as liaison with federal, 8 state and municipal and other local authorities and with users and occu- 9 pants of facilities with respect to the cultural, recreational and 10 educational activities provided by not-for-profit cultural organiza- 11 tions; and otherwise to foster and encourage greater public knowledge 12 of, and participation in, the cultural, recreational and educational 13 activities of such organizations; 14 10. to organize one or more wholly-owned subsidiary corporations under 15 any applicable provision of law and to perform through such subsidiaries 16 or cause such subsidiaries to perform all or any part of its powers and 17 functions; 18 11. to establish and promulgate such rules and regulations as the 19 trust may deem necessary, convenient or desirable for the use and opera- 20 tion of any facility, or part thereof, and for the use of any real prop- 21 erty developed or to be developed by or pursuant to an agreement with 22 it, including but not limited to rules and regulations governing the 23 conduct and safety of the public on such premises; 24 12. to make and execute such agreements, including without limitation, 25 instruments of conveyance and agreements with not-for-profit cultural 26 organizations with respect to the architectural and design character- 27 istics of any facility, as are necessary or convenient for the exercise 28 of its corporate powers and fulfillment of its purposes; 29 13. to make loans in accordance with article twenty of this chapter; 30 and 31 14. to designate, as a cultural district, as defined in subdivision 32 five of section 22.20 of this article, any real property in the town of 33 Cheektowaga bounded and described as follows: 34 BEGINNING at the intersection of Walden Avenue and St. Mary's Road, 35 heading northerly on St. Mary's Road until intersecting with Doat 36 Street, turning easterly onto Doat Street until perpendicular with the 37 southeast corner of Schiller Park, turning northerly and running paral- 38 lel to Schiller Park until intersecting with Pennock Place, continuing 39 easterly on Pennock Place until intersecting with Pine Ridge Road, turn- 40 ing southerly on Pine Ridge Road and then turning easterly at the inter- 41 section of Pine Ridge Road and Wildy Avenue, continuing easterly until 42 the intersection of Wildy Avenue and Hoerner Avenue, turning southerly 43 onto Hoerner Avenue and continuing southerly until it intersects with 44 Doat Street, turning easterly at the intersection of Hoerner Avenue and 45 Doat Street and continuing easterly until intersecting with Alexander 46 Avenue, turning southerly on Alexander Avenue and continuing southerly 47 until intersecting with Walden Avenue, turning westerly and continuing 48 westerly on Walden Avenue to the point or place of Beginning. 49 § 22.24. Special provisions relating to the financing and development 50 of facilities in the town of Cheektowaga. 1. No individual who serves on 51 the board of trustees, or equivalent body, of a not-for-profit cultural 52 organization shall be a developer of, or share in any profits arising 53 from the development of, the non-institutional portion of a facility 54 developed or designed to be developed for use or occupancy by such 55 organization; provided that: (a) a person in which such individual has a 56 financial interest not exceeding five per centum of the equity of suchA. 10459 5 1 person may be a developer of, and may share in any profits arising from 2 the development of, such non-institutional portion, if such individual 3 refrains from voting at any meeting of the board o trustees, or equiv- 4 alent body, of such institution on any matter relating to the approval 5 by the trust of such person as a developer of such portion and the terms 6 and conditions of any agreement relating thereto; (b) a person in which 7 such individual has a financial interest may make a loan to the trust, 8 to a developer or to any other person in the ordinary course of business 9 in connection with such development; and (c) any such individual may 10 purchase or rent an apartment, or any interest therein, in such portion, 11 for fair market value. 12 2. No trustee of the trust and no person in which such trustee has a 13 financial interest shall be a developer of the non-institutional portion 14 of any facility. 15 3. In any case in which real property, consisting of all or any part 16 of the non-institutional portion of a combined-use facility or in or on 17 which all or any part of such portion prior to completion is designed to 18 be and upon completion is developed, is exempt from real property taxa- 19 tion pursuant to section 20.33 of this title, and subject to any agree- 20 ments with the holders of its bonds or notes, the trust shall pay or 21 cause to be paid by means which may include an agreement with a partic- 22 ipating not-for-profit cultural organization, a developer or an owner, 23 annual sums in lieu of taxes to any municipality or political subdivi- 24 sion of the state to which such taxes would otherwise be owed, provided 25 that such payments in lieu of taxes shall be for the full amount of any 26 such tax payments due and owing, unless such municipality or other poli- 27 tical subdivision shall agree to a lesser payment for a length of time 28 to be specified in an agreement between the trust and such municipality 29 or political subdivision; and provided further that the trust shall not 30 be empowered to receive tax equivalency payments; and further provided, 31 that the non-institutional portion shall not be exempt from real proper- 32 ty taxation from and after the date a trust conveys such non-institu- 33 tional portion to any non-exempt third party. 34 § 2. The arts and cultural affairs law is amended by adding a new 35 article 22-B to read as follows: 36 ARTICLE 22-B 37 TRUST FOR CULTURAL RESOURCES OF THE CITY OF BUFFALO 38 Section 22.50. Special definitions. 39 22.51. Legislative findings and statement of purposes. 40 22.52. Creation and administration of the trust. 41 22.53. Special powers of the trust relating to assisting partic- 42 ipating cultural institutions. 43 22.54. Special provisions relating to the financing and develop- 44 ment of facilities in the city of Buffalo. 45 § 22.50. Special definitions. As used or referred to in this article, 46 all terms shall have the meanings set forth in section 20.03 of this 47 chapter, except that the following terms shall have the following mean- 48 ings: 49 1. "City" shall mean the city of Buffalo. 50 2. "Mayor" shall mean the mayor of the city. 51 3. "Participating cultural institution" shall mean any person formed 52 other than for profit which operates or makes available a cultural 53 facility in the city, including but not limited to museums, performing 54 arts centers, public television and radio stations, theaters, auditori- 55 ums, libraries, exhibition, performance and rehearsal space, galleries, 56 artists' and dancers' studios, recording studios, and recreational,A. 10459 6 1 educational, office, living, parking, restaurant, retail or storage 2 space related to any of the foregoing. The decision of the trust in 3 determining that a person is a participating cultural institution shall 4 be final and conclusive. The annual average admissions of each person 5 which would itself qualify as a participating cultural institution and 6 which leases or licenses space in a performing arts center from another 7 participating cultural institution (the "lessor") shall be attributed to 8 the lessor for purposes of this article and article twenty of this chap- 9 ter. 10 4. "Trust for cultural resources" or "trust" shall mean the trust for 11 cultural resources of the city of Buffalo created by this article. 12 5. "Cultural district" shall have the same meaning as defined in 13 subdivision five of section 22.20 of this act. 14 § 22.51. Legislative findings and statement of purposes. 1. The legis- 15 lature hereby finds, determines and declares: 16 (a) that certain major cultural institutions located in the city are 17 invaluable cultural, educational and recreational resources of the state 18 and the continued operation of such institutions in the city is for the 19 benefit of the people of the state and the city; 20 (b) that by reason of the severe economic and fiscal problems facing 21 both the state and city, neither the state nor the city is able to 22 adequately support the cultural institutions of the city in their 23 efforts both to provide cultural, recreational and educational opportu- 24 nities to the people of the state and to improve the viability and 25 growth of cultural organizations in the city; and 26 (c) that it is in the interest of the people of the state and for 27 their benefit and welfare to encourage the creative and innovative use 28 of public and private resources in order to preserve and protect the 29 cultural resources of the city and otherwise to effectuate the purposes 30 of this article and article twenty of this chapter by the creation of 31 the trust for cultural resources of the city of Buffalo. 32 2. The legislature hereby further finds, determines and declares that 33 the creation of the trust for cultural resources of the city of Buffalo 34 and the delegation to the trust of part of the sovereign power of the 35 state are in all respects for the benefit of the people of the state and 36 constitute a governmental, state, municipal and public purpose; and that 37 the exercise by the trust of the functions and powers granted to it 38 under this article constitutes the performance of an essential public 39 and governmental function. 40 § 22.52. Creation and administration of the trust. 1. There is hereby 41 created the trust for cultural resources of the city of Buffalo which 42 shall have all the powers, rights, privileges and exemptions of a trust 43 for cultural resources described in article twenty of this chapter and 44 this article. 45 2. The board of trustees of the trust shall consist of five trustees, 46 all of whom shall be appointed by the mayor with the approval of the 47 city council after consultation with persons designated by participating 48 cultural institutions. The mayor, after consultation with such persons, 49 shall appoint a trustee as chairperson of the board of trustees. The 50 chairperson shall preside over all meetings of the board of trustees, 51 and after consultation with the mayor, the chairperson shall appoint a 52 trustee as president and chief executive officer of the trust. The 53 chairperson and the president and chief executive officer shall have 54 such powers and duties as are set forth in the by-laws of the trust. 55 Trustees shall be appointed for a term of six years from the effective 56 dates of their appointments; provided, however, that the term of officeA. 10459 7 1 of two trustees first appointed, other than the chairperson and the 2 president, shall be five years, and the term of office of one trustee 3 first appointed, other than the chairperson and the president, shall be 4 four years. All trustees shall continue to hold office until their 5 successors have been appointed. If at any time there is a vacancy in the 6 membership of the board of trustees, by reason of death, resignation, 7 disqualification or otherwise, such vacancy shall be filled for the 8 unexpired term in the same manner as the original appointment. The mayor 9 may remove any trustee from office for cause. 10 § 22.53. Special powers of the trust relating to assisting participat- 11 ing cultural institutions. In addition to such powers as are conferred 12 elsewhere in article twenty of this chapter and this article, the trust 13 shall have the following powers which may be exercised, at the 14 discretion of the board of trustees, solely and exclusively in further- 15 ance of its corporate purposes with or without public auction or 16 bidding: 17 1. to undertake surveys of the present and anticipated needs of not- 18 for-profit cultural organizations in the city, including without limita- 19 tion the need for development of the facilities of such organization, in 20 order to determine whether or not the trust may effectively exercise its 21 powers and fulfill its purposes in cooperation with any such organiza- 22 tions; 23 2. to develop facilities for not-for-profit cultural organizations or 24 cause such facilities to be developed, in accordance with this article 25 and article twenty of this chapter, to acquire in connection therewith 26 real property of a not-for-profit cultural organization, subject to the 27 retention or creation by such organization of any future or remainder 28 interests in such property, all of which shall be valid notwithstanding 29 any rule against perpetuities, and in connection therewith, to install 30 or cause to be installed water, fuel, gas, electrical, telephone, heat- 31 ing, air-condition and other utility services, including appropriate 32 connections; 33 3. to maintain, repair, keep up, manage and operate its real property 34 and any facility for a not-for-profit cultural organization or part 35 thereof developed by or pursuant to an agreement with it, by means which 36 may include the enforcement of its rules and regulations in the manner 37 described in paragraph (d) of section two hundred two of the not-for- 38 profit corporation law with the same effect as though such paragraph 39 applied to the trust and to such property and facility; 40 4. to offer to convey and to convey all or any part of the non-insti- 41 tutional portion of a facility or any interest therein, and to take any 42 and all actions deemed necessary or appropriate by the trust to adver- 43 tise, promote, encourage, and effect such conveyances, all future or 44 remainder interests created or retained by the trust in connection ther- 45 ewith which shall be valid notwithstanding any rule against perpetui- 46 ties; 47 5. to convey with or without consideration, to a not-for-profit 48 cultural organization the institutional portion of a facility developed 49 in cooperation with such organization and any real property held by the 50 trust in connection with such development; 51 6. to enter into a partnership, joint venture or other enterprise in 52 any capacity deemed by it to be appropriate, for the purpose of develop- 53 ing and operating a facility for a not-for-profit cultural organization 54 or any part thereof; 55 7. to convey, without public auction or bidding, any real property to 56 a developer for the purpose of developing therein or thereon a facility,A. 10459 8 1 or a part or portion thereof, subject to the creation or retention by 2 the trust of such future or remainder interests in such property as it 3 deems appropriate, all of which shall be valid notwithstanding any rule 4 against perpetuities; 5 8. to purchase or lease the institutional portion of a facility from 6 the developer thereof for use and occupancy by a not-for-profit cultural 7 organization; 8 9. to furnish not-for-profit cultural organizations with advice and 9 with technical and other assistance; to act as liaison with federal, 10 state and municipal and other local authorities and with users and occu- 11 pants of facilities with respect to the cultural, recreational and 12 educational activities provided by not-for-profit cultural organiza- 13 tions; and otherwise to foster and encourage greater public knowledge 14 of, and participation in, the cultural, recreational and educational 15 activities of such organizations; 16 10. to organize one or more wholly-owned subsidiary corporations under 17 any applicable provision of law and to perform through such subsidiaries 18 or cause such subsidiaries to perform all or any part of its powers and 19 functions; 20 11. to establish and promulgate such rules and regulations as the 21 trust may deem necessary, convenient or desirable for the use and opera- 22 tion of any facility, or part thereof, and for the use of any real prop- 23 erty developed or to be developed by or pursuant to an agreement with 24 it, including but not limited to rules and regulations governing the 25 conduct and safety of the public on such premises; 26 12. to make and execute such agreements, including without limitation, 27 instruments of conveyance and agreements with not-for-profit cultural 28 organizations with respect to the architectural and design character- 29 istics of any facility, as are necessary or convenient for the exercise 30 of its corporate powers and the fulfillment of its purposes; 31 13. to make loans in accordance with article twenty of this chapter; 32 and 33 14. to designate, as a cultural district, as defined in subdivision 34 five of section 22.20 of this article, any real property in the city of 35 Buffalo bounded and described as follows: 36 BEGINNING at the intersection of Walden Avenue and St. Mary's Road, 37 heading northerly on St. Mary's Road until intersecting with Doat 38 Street, turning easterly onto Doat Street until perpendicular with the 39 southeast corner of Schiller Park, turning northerly and running paral- 40 lel to Schiller Park until intersecting with Pennock Place, continuing 41 easterly on Pennock Place until intersecting with Pine Ridge Road, turn- 42 ing southerly on Pine Ridge Road and then turning easterly at the inter- 43 section of Pine Ridge Road and Wildy Avenue, continuing easterly until 44 the intersection of Wildy Avenue and Hoerner Avenue, turning southerly 45 onto Hoerner Avenue and continuing southerly until it intersects with 46 Doat Street, turning easterly at the intersection of Hoerner Avenue and 47 Doat Street and continuing easterly until intersecting with Alexander 48 Avenue, turning southerly on Alexander Avenue and continuing southerly 49 until intersecting with Walden Avenue, turning westerly and continuing 50 westerly on Walden Avenue to the point or place of Beginning. 51 § 22.54. Special provisions relating to the financing and development 52 of facilities in the city of Buffalo. 1. No individual who serves on the 53 board of trustees, or equivalent body, of a not-for-profit cultural 54 organization shall be a developer of, or share in any profits arising 55 from the development of, the non-institutional portion of a facility 56 developed or designed to be developed for use or occupancy by suchA. 10459 9 1 organization; provided that: (a) a person in which such individual has a 2 financial interest not exceeding five per centum of the equity of such 3 person may be a developer of, and may share in any profits arising from 4 the development of, such non-institutional portion, if such individual 5 refrains from voting at any meeting of the board of trustees, or equiv- 6 alent body, of such institution on any matter relating to the approval 7 by the trust of such person as a developer of such portion and the terms 8 and conditions of any agreement relating thereto; (b) a person in which 9 such individual has a financial interest may make a loan to the trust, 10 to a developer or to any other person in the ordinary course of business 11 in connection with such development; and (c) any such individual may 12 purchase or rent an apartment, or any interest therein, in such portion, 13 for fair market value. 14 2. No trustee of the trust and no person in which such trustee has a 15 financial interest shall be a developer of the non-institutional portion 16 of any facility. 17 3. In any case in which real property, consisting of all or any part 18 of the non-institutional portion of a combined-use facility or in or on 19 which all or any part of such portion prior to completion is designed to 20 be and upon completion is developed, is exempt from real property taxa- 21 tion pursuant to section 20.33 of this title, and subject to any agree- 22 ments with the holders of its bonds or notes, the trust shall pay or 23 cause to be paid by means which may include an agreement with a partic- 24 ipating not-for-profit cultural organization, a developer or an owner, 25 annual sums in lieu of taxes to any municipality or political subdivi- 26 sion of the state to which such taxes would otherwise be owed, provided 27 that such payments in lieu of taxes shall be for the full amount of any 28 such tax payments due and owing, unless such municipality or other poli- 29 tical subdivision shall agree to a lesser payment for a length of time 30 to be specified in an agreement between the trust and such municipality 31 or political subdivision; and provided further that the trust shall not 32 be empowered to receive tax equivalency payments; and further provided, 33 that the non-institutional portion shall not be exempt from real proper- 34 ty taxation from and after the date a trust conveys such non-institu- 35 tional portion to any non-exempt third party. 36 § 3. This act shall take effect immediately.
