Section 16-n - [Multiple versions] Collection of payments in lieu of taxes pursuant to leases with respect to parcels within the Brooklyn bridge park civic project(1) Definitions. As used in this section: (a) "tenant" shall mean any individual, partnership, trust, limited liability company, public or private corporation (including a cooperative housing corporation), or other entity holding the tenant's interest in a residential lease;(b) "residential lease" shall mean a lease, sublease or other agreement that relates to any portion of the Brooklyn bridge park civic project and is designed and intended for the purpose of providing housing accommodations and such facilities as may be incidental thereto, the lessor's interest in which is held by Brooklyn bridge park development corporation;(c) "underlying parcel" shall mean a parcel subject to a residential lease; provided, however, that in any case where the tenant's interest in a residential lease is held by a unit owner, "underlying parcel" shall mean the parcel in which the unit is included;(d) "unit owner" and "unit" shall have the meanings specified in section three hundred thirty-nine-e of the real property law;(e) "parcel" shall have the meaning specified in section one hundred two of the real property tax law; provided, however, that in any case where the tenant's interest in a residential lease is held by a unit owner, "parcel" shall mean the real property deemed to be a parcel pursuant to paragraph (a) of subdivision two of section three hundred thirty-nine-y of the real property law;(f) "Brooklyn bridge park" shall mean the park and facilities consisting of approximately eighty-five acres in the city of New York, county of Kings, state of New York established pursuant to the Brooklyn bridge park civic project undertaken by Brooklyn bridge park development corporation, a subsidiary of the corporation, but excluding the areas thereof developed or to be developed for private residential or commercial use pursuant to a lease, sublease or similar agreement with Brooklyn bridge park development corporation which areas may be inclusive of any easement area granted in connection with such development;(g) "Brooklyn bridge park civic project" shall mean the park and facilities consisting of approximately eighty-five acres in the city of New York, county of Kings, state of New York established pursuant to the Brooklyn bridge park civic project and the general project plan adopted July twenty-sixth, two thousand five and affirmed as modified on January eighteenth, two thousand six undertaken by Brooklyn bridge park development corporation, a subsidiary of the corporation, as such general project plan may be further amended, modified or supplemented;(h) "qualified leasehold condominium" shall have the meaning specified in section three hundred thirty-nine-e of the real property law.(2) With respect to each underlying parcel which is owned in fee or leased pursuant to a ground lease by Brooklyn bridge park development corporation and is exempt from real property taxes pursuant to this act or otherwise, the residential lease for such underlying parcel shall provide for the payment by the tenant under such residential lease of annual or other periodic amounts equal to the amount of real property taxes that otherwise would be paid or payable with respect to such underlying parcel, after giving effect to any real property tax abatements and exemptions, if any, which would be applicable thereto, if Brooklyn bridge park development corporation was not the owner or lessee of the underlying parcel.(3) With respect to all parcels owned or leased by Brooklyn bridge park development corporation that do not constitute an underlying parcel and are exempt from real property taxes pursuant to this act or otherwise, the lease, sublease or other agreement for such parcel or any portion thereof may provide for the payment by the lessee (or sublessee) under such lease, sublease or other agreement of annual or other periodic amounts in lieu of real property taxes that otherwise would be paid or payable with respect to such parcel, after giving effect to any real property tax abatements and exemptions, if any, which would be applicable thereto, if Brooklyn bridge park development corporation was not the owner or lessee of the parcel.(4) In addition, the lease, sublease or other agreement for each parcel or any portion thereof may provide for the payment of interest by the unit owner and any lessee (or sublessee) of a parcel (or a portion thereof) for amounts overdue, as of the dates and in the same amounts provided for the payment of overdue real property taxes in the city of New York.(5) Payments received pursuant to this section, and all interest and earnings thereon, shall be:(a) from the period commencing on the effective date of this section until the twentieth anniversary thereof, used to improve, operate and maintain the Brooklyn bridge park, unless otherwise agreed to be used for the other purposes specified in paragraph (b) of this subdivision in such agreements as may from time to time be entered into among Brooklyn bridge park development corporation, the city of New York and the state of New York by an entity designated by the governor; and(b) from the twentieth anniversary of the effective date of this section,(i) used to improve, operate and maintain the Brooklyn bridge park,(ii) set aside in appropriate and reasonable reserve accounts, taking into account all other revenue received or anticipated by the Brooklyn bridge park development corporation from properties in the Brooklyn bridge park civic project, for expenses to be incurred for the purposes set forth in subparagraph (i) of this paragraph, or(iii) paid into the general fund of the city of New York to be used for its general public purposes, all in accordance with such agreements as may from time to time be entered into among Brooklyn bridge park development corporation, the city of New York, and the state of New York by an entity designated by the governor.(6) Any state or city agency, department or authority to the extent authorized under applicable law may render such services within their functions, such as the collection and enforcement of payments owed pursuant to this section, as may be requested.(7) All leases shall permit the assignment by Brooklyn bridge park development corporation of its right, title and interest in such lease to the entity which (a) is designated to operate and maintain the Brooklyn bridge park and is an instrumentality of the state of New York or the city of New York, (b) enables each underlying parcel and the improvements thereon to remain a qualified leasehold condominium and remain exempt from real property taxes, and (c) is authorized and required by applicable law to: (i) collect the annual or other periodic amounts that would have been collected pursuant to this section had such assignment not been made; and(ii) demand from, and be entitled to, interest payments by the unit owner and any lessee (or sublessee) of a parcel (or portion thereof), for such amounts past due, as of the dates and in the same amounts provided for the payment of past due real property taxes in the city of New York.N.Y. Urban Development Corporation Act § 16-n