New Jersey § 13:17-38

§ 13:17-38.

To the end that municipalities and counties may not suffer undue loss of tax revenue

by reason of the acquisition and ownership of property therein by the commission,

the commission is hereby authorized, empowered and directed to enter into an agreement

or agreements with any municipality or county, whereby said commission will undertake

to pay a fair and reasonable sum or sums to compensate the said municipality or county

for a loss of revenue in connection with any property acquired and owned by the commission

in carrying out the provisions of this act. Any such payment or payments which the commission is hereby authorized, empowered

and directed to make may be made on an annual basis, in which case the payment or

payments shall not be less than the amount of taxes upon the property when last assessed

prior to its acquisition by the commission. Every municipality and county wherein the property shall be acquired by the commission

is hereby empowered to enter into such agreement or agreements with the commission

to accept the payment or payments which the commission is herein authorized, empowered

and directed to make.