(1) Except as otherwise required or authorized by law, a business may not provide payments to a political subdivision in exchange for the approval of, or otherwise relating to, the designation or extension of a keystone opportunity zone, keystone opportunity expansion zone or keystone opportunity improvement zone in excess of 110% of the amount of real property taxes payable to the political subdivision for the tax year immediately prior to the year in which the designation or extension is granted. The limitation on payments set forth under this paragraph may increase by the percentage increase in the payments that would occur if the property was not exempt from local real property taxes.

(2) Except as provided under paragraph (3), payments made under paragraph (1) may be increased based on a taxpayer assessment appeal or as necessary to correct any errors or omissions in the county's assessment records. Payments may be increased following a countywide reassessment based on improvements to the property made prior to the approval of the designation or expansion.

(3) Payments may not be increased for the duration of the designation or expansion based on an increase in the assessed value of property due to improvements to the property made subsequent to designation.

(4) Any agreement to make payments under this section shall be in writing and approved by a majority vote of the governing body of the political subdivision at a meeting that is subject to 65 Pa.C.S. Ch. 7 (relating to open meetings).