§ 26 — State payments to municipalities and political subdivisions

§ 26. State payments to municipalities and political subdivisions. In\norder to prevent undue loss of revenues to municipalities and political\nsubdivisions, there shall be annually apportioned and paid by the state,\nduring the then current state fiscal year, to any municipality or\npolitical subdivision in which an industrial project is located, a sum\nequal to one hundred per centum of the average annual real property\ntaxes paid or due to such municipality or political subdivision on the\nreal property constituting the project site for three years prior to the\ntime of its acquisition by the corporation or subsidiary thereof, or in\nthe case of real property acquired by the corporation from an urban\nrenewal agency or from a municipality which acquired such property for\nurban renewal purposes, for three years prior to the time of its\nacquisition by such urban renewal agency or municipality. The chairman\nof the corporation shall annually, on or before December first, make and\ndeliver to the governor and director of the budget his certificate\nstating the sum, if any, required to be paid to each municipality and\npolitical subdivision by reason of tax exemptions for industrial\nprojects received pursuant to section twenty-two of this act, and the\nsum or sums so certified, if any, shall be apportioned and paid to each\nsuch municipality and political subdivision, as provided herein. Such\napportionment and payment shall also be made to each municipality and\npolitical subdivision in which is located real property of the\ncorporation as to which no project findings have been made by the\ncorporation, pursuant to section ten hereof, and the chairman of the\ncorporation shall certify the sums required to be paid in respect of\nsuch real property, and the state shall apportion and pay such sums, if\nany, in the manner provided herein.\n