§ 430. Interdenominational centers.
1.Real property owned by a\ncorporation organized for the purposes of establishing an\ninterdenominational center to assist in the work of and to promote\ncooperation among various religious denominations, and to acquire or\nerect a building or buildings for such center and to lease a portion or\nportions thereof for the use of religious, educational, missionary and\ncharitable corporations or associations, or real property leased to a\ncorporation organized for such purposes by a corporation organized for\npurposes which are exempt under this section or section four hundred\ntwenty-a, four hundred twenty-b, four hundred twenty-two, four hundred\ntwenty-four, four hundred twenty-six or four hundred twenty-eight of\nthis chapter, shall be exempt from t
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§ 430. Interdenominational centers. 1. Real property owned by a\ncorporation organized for the purposes of establishing an\ninterdenominational center to assist in the work of and to promote\ncooperation among various religious denominations, and to acquire or\nerect a building or buildings for such center and to lease a portion or\nportions thereof for the use of religious, educational, missionary and\ncharitable corporations or associations, or real property leased to a\ncorporation organized for such purposes by a corporation organized for\npurposes which are exempt under this section or section four hundred\ntwenty-a, four hundred twenty-b, four hundred twenty-two, four hundred\ntwenty-four, four hundred twenty-six or four hundred twenty-eight of\nthis chapter, shall be exempt from taxation and exempt from special ad\nvalorem levies and special assessments to the extent provided in section\nfour hundred ninety of this article, to the same extent and subject to\nthe same conditions and exceptions as property of a corporation\norganized exclusively for religious, educational, missionary or\ncharitable purposes.\n 2. In addition to any other rental moneys allowed to be charged for\nsuch use, with the consent of each corporation or association that\nleases a portion of such real property, the interdenominational center\nmay require each such lessee to make payment on an annual basis to a\ncapital improvement fund, the funds to be used exclusively for capital\nimprovements, as defined in this subdivision, in accordance with a\ncapital improvement plan adopted or updated annually by the\ninterdenominational center. For purposes of this section, "capital\nimprovement" shall mean any addition to, replacement of, or remodeling\nof physical plant, structures, or equipment now or hereafter owned by an\ninterdenominational center, which is used or is to be used in connection\nwith the operation of the interdenominational center, and which shall\ninclude improvements to land, but not land itself.\n