Sec. 1807.2. Eligibility of payments in lieu of taxes

(a) A municipality or a Municipal Urban Renewal Agency may pay a sum in lieu of taxes only to those taxing jurisdictions providing services to properties acquired within an urban renewal area.

(b) No such payments may be made for a tax period commencing prior to July 17, 1965.

(c) Payments in lieu of taxes may not exceed tax amounts last levied for the benefit of such taxing jurisdiction as an annual tax on such property prior to the time of its acquisition.

(d) Payments in lieu of taxes may not be made with respect to real property for a period prior to acquisition or after disposition.