The New York City agency responsible for economic development has agreed to hand over more than $20 million in rental payments each year to the city.

The Economic Development Corporation had previously refused to turn over the funds it earns from leased property in Times Square. It said it was responding to criticism by Comptroller John Liu in an audit released in April.

Liu did not accuse the EDC of doing anything improper but he said the money should be subject to public scrutiny.

The agency said it determined the funds would help the city balance its budget.

The city will get $20.3 million in rental payments this fiscal year and $39.9 million by 2014.

The EDC is a nonprofit organization that contracts with the city to manage development projects.