The Town of Pine Plains, and its Assessor, upon receipt of a notification to the Town Assessor of a property owner's or developer's intent to construct a tier 3 large-scale solar installation pursuant to the provisions of Chapter
275 of the Town Code, shall be required to enter into a contract for payments in lieu of taxes (PILOT) that would have been paid had the property not been entitled to an exemption pursuant to the provisions of RPTL § 487. The Assessor shall notify the property owner of its intent to require a contract for payment in lieu of taxes within 60 days of receiving the written notification. The terms of such PILOT agreement shall be determined by the Town and its Assessor in the exercise of their sound discretion and shall require annual payments in an amount not to exceed the amounts which would otherwise be payable but for the exemption provided pursuant to RPTL § 487 for a period of not more than 15 years commencing from the date on which the benefits of such exemption first becomes available and effective. The Town Board shall have the authority to promulgate, by resolution, more detailed standards and criteria for negotiating and approving PILOT programs.