US Codex
Bill
Notes

H.R. 4731 — what changed

To extend the retained use estate for the Caneel Bay resort in St. John, United States Virgin Islands, and for other purposes.

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Section 1 Extension of retained use estate

(a)
Extension required— Not later than 90 days after a request by the grantor, the Secretary of the Interior shall extend the retained use estate in accordance with this section.
(b)
Requirements— The extension under subsection (a) shall—
(1)
except as provided in paragraph (2), be effective for the 60-year period beginning on the date the retained use estate would, but for the extension under this section, expire;
(2)
be subject to the terms of the retained use estate, including the right of the grantor to terminate the retained use estate in accordance with the terms thereof; and
(3)
changed require the grantor to pay to the United States, in quarterly installments for the period of the extension, fair market value rental for use of the premises for operation and management of resort facilities and services in an amount equal to—
(A)
changed for each of the first 15 years of the extension, 1.2 percent a percentage of the gross revenues of the resort in accordance with subsections (c) and (d) to be determined no later than 90 days after the date on which the extension is granted under subsection (c); and(a) by—
(i)
added a written agreement between the Secretary and the grantor; or
(ii)
added if the Secretary and the grantor are unable to agree on such a percentage by the date that the extension is granted under subsection (a), through binding arbitration using procedures specified in section 51.51 of title 36, Code of Federal Regulations; and
(B)
for each year of the extension thereafter, the amount determined under subparagraph (A), except that—
(i)
such amount shall be adjusted if requested by the Secretary or the grantor;
(ii)
any such adjustment shall be determined—
(I)
changed through an a written agreement between the Secretary and the grantor; or
(II)
changed if the Secretary and the grantor are unable to agree on such an adjustment after a 60-day period for negotiation (or a longer period for negotiation agreed upon by the Secretary and the grantor), through binding arbitration between the Secretary and the grantor using the arbitration procedures specified in section 51.51 of title 36, Code of Federal Regulations;Regulations; and
(iii)
removed such adjustment shall take into account any amounts expended or to be expended by the grantor for preservation, maintenance, restoration, improvement, or repair and related expenses specified in section 102102(d)(2) of title 54, United States Code, to the extent such amounts are for the resort; and
(iii)
renumbered was (3)(5)(3)(5) no more than one adjustment may be made under this subparagraph in any 15-year period.
(c)
added Calculation of fair market value rental— The initial payment required under subsection (b)(3)(A) and any adjustment under subsection (b)(3)(B) shall reflect the fair market value of a land lease for hotel use, as determined by an appraisal by an independent qualified appraiser who is selected jointly by the Secretary and the grantor and shall reflect—
(1)
added any restrictions on the use of the property or terms of the retained use estate that limit the value or highest and best use of the property;
(2)
added any amounts expended or to be expended by the grantor for preservation, maintenance, restoration (including site restoration), improvement (including construction), or repair and related expenses to the extent that such amounts are for the resort; and
(3)
added the remaining term of the extended retained use estate.
(d)
renumbered was (4) Payments— Payments under subsection (b)(3) shall—
(1)
renumbered was (4)(3) be due—
(A)
renumbered was (4)(3)(2) except as provided in subparagraph (B), 60 days after the end of the applicable quarter; and
(B)
renumbered was (4)(3)(3) in the case of the last quarter of each calendar year (or the last quarter before the retained use estate expires), 90 days after the end of the calendar year (or the end of the retained use estate in the year that the retained use estate expires);
(2)
renumbered was (4)(4) be based on actual gross revenues for the preceding quarter;
(3)
renumbered was (4)(5) in the case of a payment due under paragraph (1)(B), include any adjustment that may be required after an audit of the gross annual revenues for the preceding year; and
(4)
renumbered was (4)(6) be deposited into the General Treasury.
(e)
renumbered was (5) Definitions— In this section—
(1)
renumbered was (5)(3) each of the terms retained use estate and resort has the meaning given such term in section 1 of Public Law 111–261 (16 U.S.C. 398d note); and
(2)
renumbered was (5)(4) the term grantor means the holder of the retained use estate.