how to account for TIF

We recently acquired a property that has a TIF (tax incentive financing) piece to it. We will be receiving money from a municipality for the next three years based on our property tax assessment value.
The question is, do we account for this money as a receivable or do we offset our property tax payable amount? The amount we have coming to us is about $5million to be paid in roughly equal installments over the next three years, including this June 30. One of my colleagues argues it should not be a receivable because at the time of purchase we didn't know how reliable the city or the seller would be in providing this money to us. He also says that since this is the first time the municipality has entered this agreement that it should not be a receivable; we don't know with 100% certainty when or if this money is coming or a definite amount per year.
Any help on this would be appreciated.
Thanks
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