N.Y. Town Law § 64-A
The town of Hempstead having acquired certain property for park or recreational purposes in the Lido Beach-Point Lookout area shall have the power and authority with respect to such property, to pay or transfer out of any town funds available to it, annual sums in lieu of taxes to the affected taxing jurisdiction, in order that none of such taxing jurisdiction shall suffer an inequitable loss of revenue by virtue of such park or recreational program; provided further, that the amount so paid or transferred for any year shall not exceed the sum last levied for the benefit of such taxing jurisdiction as an annual tax on such property prior to the time of its acquisition for such purpose or purposes.
As used in this section, the term "taxing jurisdiction" means any municipal corporation or district corporation, including any school district or any special district, having the power to levy and collect taxes and benefit assessments upon real property in the Lido Beach-Point Lookout area or in whose behalf such taxes or benefit assessments may be levied or collected.
N.Y. Town Law § 64-A