Section 1 Short title
This Act may be cited as the “Embry-Riddle Tri-City Land Exchange Completion Act of 2019”.
Embry-Riddle Tri-City Land Exchange Completion Act of 2019
A BILL
To provide for the unencumbering of title to non-Federal land owned by Embry-Riddle Aeronautical University, Florida, for purposes of economic development by conveyance of the Federal reversionary interest to the University.
Sec. 2 Definitions
In this Act:
Non-Federal land— The term non-Federal land means the approximately 16-acre parcel of University land identified in section 3(a) of Public Law 105–363 (112 Stat. 3297).
Secretary— The term Secretary means the Secretary of the Interior.
University— The term University means Embry-Riddle Aeronautical University, Florida.
Sec. 3 Conveyance of Federal reversionary interest in land located in Yavapai County, Arizona
Conveyance—
In general— Notwithstanding any other provision of law, if after the completion of the appraisal required under subsection (b), the University submits to the Secretary an offer to acquire the reversionary interests of the United States in and to the non-Federal land, the Secretary shall convey to the University the reversionary interests of the United States in and to the non-Federal land for the purpose of unencumbering the title to the non-Federal land to enable economic development of the non-Federal land.
Legal descriptions— As soon as practicable after the date of enactment of this Act, the exact legal description of the non-Federal land shall be determined in a manner satisfactory to the Secretary.
Additional terms and conditions— The Secretary may require such additional terms and conditions to the conveyance under paragraph (1), consistent with this Act, as the Secretary considers appropriate to protect the interests of the United States.
Costs— The University shall pay all costs associated with the conveyance under paragraph (1), including the costs of the appraisal required under subsection (b), the costs of any surveys, recording costs, and other reasonable costs.
Appraisal—
In general— Not later than 180 days after the date of enactment of this Act, the Secretary shall complete an appraisal of the reversionary interests of the United States in and to the non-Federal land.
Applicable law— The appraisal under paragraph (1) shall be completed in accordance with—
the Uniform Appraisal Standards for Federal Land Acquisitions; and
the Uniform Standards of Professional Appraisal Practice.
Consideration—
In general— As consideration for the conveyance of the reversionary interests of the United States in and to the non-Federal land under this Act, the University shall pay to the Secretary an amount equal to the appraised value of the interests of the United States, as determined under subsection (b).
Deposit; use— Amounts received under paragraph (1) shall be—
deposited in the Federal Land Disposal Account established by section 206(a) of the Federal Land Transaction Facilitation Act (43 U.S.C. 2305(a)); and
used in accordance with that Act (43 U.S.C. 2301 et seq.).