N.Y. ENV Law § 15-1741

§ 15-1741. Re-entry at expiration of the license period.\n 1. Upon the expiration of the original license period any and all\ninterest of the licensee in and to state property which is covered by\nthe license, together with any and all works and structures thereon,\nshall vest in and become the property of the state free and clear of any\nand all liens and encumbrances, provided, however, that the department\nmay at the time the license is granted, or at any later time during its\ncontinuance, enter into an agreement with the licensee that an allowance\nwill be made to the licensee for and on account of improvements to\nproperty of the state, or improvements the value of which is dependent\non the use of state property, for which in view of the rent paid the\nlicensee shall not have been compensated by the privilege of the\nlicense, but such agreement must be made before the improvement for\nwhich such allowance is to be made, is undertaken. If the amount of such\nallowance exceeds the amount of indebtedness, which may be lawfully\nincurred for such purposes without an appropriation, the time when such\nproperty is vested in the state shall be postponed until an adequate\nappropriation is made therefor. The allowance so made or to be made may\nbe by way of an extension of the license pursuant to an agreement\nbetween the department and the licensee.\n 2. Any agreement with the licensee for an allowance on account of\nimprovements to property of the state or improvements the value of which\nis dependent on the use of state property, shall not provide for an\nallowance in excess of the reconstruction cost, less a deduction equal\nto that portion, if any, of the aggregate income from the project, over\nand above actual and reasonable expenses of operation, including\nrepairs, which shall exceed an amount equal to eight per centum per\nannum, to the time that the state property is taken over by the state,\nof the actual and reasonable cost to the licensee of the lands and\ninterests in lands, the actual and reasonable cost to the licensee of\nthe ways, means and works and the allowances made for organization and\ndevelopment expenses.\n