Stein, J.
In 2003, respondent Chambers Senior Housing Limited Partnership, organized pursuant to Private Housing Finance Law § 103 (2-a), entered into an agreement with respondent Town of Ulster for the construction of a senior living facility for senior citizens with incomes equal to or less than 60% of the area's median income. In connection with this project, Chambers and the Town also entered into a payment in lieu of taxes (hereinafter PILOT) agreement....
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