Payments in lieu of property taxes on property purchased by division

(1) Before the purchase of real property held in private ownership, the division shall: (a) first submit the proposition to the county legislative body in a regular open public meeting in the county where the real property is located; and (b) by contractual agreement with the county legislative body, approved by the executive director, agree to pay an amount of money in lieu of property taxes to the county. (2) The division shall, by contractual agreement with the county legislative body in which real property previously acquired from private ownership and now owned by the division is located, agree to pay annually an amount of money in lieu of wildlife resource fine money, previously paid to the county. (3) A payment provided for in this section may not: (a) exceed what the regularly assessed real property taxes would be if the real property had remained in private ownership; and (b) include an amount for buildings, installations, fixtures, improvements or personal property located upon the real property or for those acquired, constructed, or placed by the division after the division acquires the real property.