land is located, including racetracks, grazing fields
or any other adjoining real property.
(vi) To a borough hosting a licensed facility, other
than a Category 3 licensed facility, [2% of the gross
terminal revenue or] $10,000,000 annually[, whichever is
greater,] shall be paid by each licensed gaming entity
operating a licensed facility located in that borough,
subject, however, to the budgetary limitation in this
subparagraph. The amount allocated to the designated
municipalities shall not exceed 50% of their total budget
for fiscal year 2003-2004, adjusted for inflation in
subsequent years by an amount not to exceed an annual
cost-of-living adjustment calculated by applying the
percentage change in the Consumer Price Index immediately
prior to the date the adjustment is due to take effect.
Any remaining money shall be collected by the department
from each licensed gaming entity and distributed in
accordance with paragraph (2) based upon the
classification of county where the licensed facility is
located. [In the event that the revenues generated by the
2% do not meet the $10,000,000 minimum specified in this
subparagraph, the department shall collect the remainder
of the minimum amount of $10,000,000 from each licensed
gaming entity operating a licensed facility in the
borough, pay any balance due to the borough and transfer
any remainder in accordance with paragraph (2).]
(vii) To an incorporated town hosting a licensed
facility, other than a Category 3 licensed facility, [2%
of the gross terminal revenue or] $10,000,000 annually[,
whichever is greater,] shall be paid by each licensed
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