NY A09158

Repeals sections 2, 3, 4, and 5 of chapter 330 of the laws of 2011 relating to Peconic Bay community preservation fund payments.

Allows towns to make annual payments from their community preservation fund to school, fire, fire protection, and ambulance districts to mitigate lost tax revenues from lands acquired by federal, state, or local government for community preservation purposes.

Requires town board to determine that lost tax revenue would result in extraordinary financial hardship to districts before approving payments.

Limits annual payments to no more than 10 percent of collected community preservation fund revenue, with payments distributed proportionally among eligible districts based on their tax rates.

Requires town board to adopt an annual plan before making payments, specifying eligible parcels, payment amounts, and assessed values, after holding a public hearing; provisions expire December 31, 2050.