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CAPITAL PROJECTS

five percent of the funds appropriated herein. The corporation shall make arrangements under which the project is undertaken to provide for annual real property taxes, ΟΙ payments in lieu of real property taxes on the real property included in the project which together, unless the taxing jurisdiction so agrees, at least equal the average annual real property taxes which were paid with respect to such real property for three years prior to the acquisition of such project by the corporation or a subsidiary thereof or any other public corporation. If such taxing jurisdiction agrees to an amount less than the amount specified herein, then the corporation and the state, for purposes of the project described herein, shall not be required to meet the provisions of section twenty-six of the New York state urban development corporation act.

The director of the budget shall not issue any certificate of approval of availability until the New York state urban development corporation, except for apportionments to other departments, agencies and authorities, has entered into a written agreement with the director of the budget providing for repayment by such corporation to the state of New York of an amount equal to the the total amount expended by the state from this appropriation and any interest earned thereon, except as provided herein, on terms which may include interest thereon at a rate per annum to be determined by the director of the budget, and a copy of such agreement shall be filed with the state comptroller, the chairman of the senate finance committee, and the chairman of the assembly ways and means committee. Notwithstanding the provisions of section forty-a of the state finance law and any other general or special law, such written agreement shall not require repayment at any times or on any terms inconsistent with the provisions of the New York state urban development corporation act, or the New York state project finance agency act. Notwithstanding any inconsistent provisions of any general or special law, no funds shall be available for the purposes specified herein without approval of the New

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