Sec. 2831. RELEASE OF REVERSIONARY INTEREST RETAINED AS PART OF CONVEYANCE TO THE ECONOMIC DEVELOPMENT ALLIANCE OF JEFFERSON COUNTY, ARKANSAS

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## SEC. 2831 RELEASE OF REVERSIONARY INTEREST RETAINED AS PART OF CONVEYANCE TO THE ECONOMIC DEVELOPMENT ALLIANCE OF JEFFERSON COUNTY, ARKANSAS ###

(a)Release of Conditions and Retained Interests With respect to a parcel of real property in Jefferson County, Arkansas, consisting of approximately 1,447 acres and conveyed by deed to the Economic Development Alliance of Jefferson County, Arkansas (in this section referred to as the “Economic Development Alliance”) by the United States for use as the facility known as the “Bioplex” and related activities pursuant to section 2827 of the National Defense Authorization Act for Fiscal Year 1997 (Public Law 104-201), the Secretary of the Army may release subject to the conditions of subsections

(b)and

(d)below, the conditions of conveyance of subsection

(c)of such section 2827 and the reversionary interest retained by the United States under subsection

(e)of such section. ###

(b)Consideration ####

(1)Effect of reconveyance Notwithstanding subsection

(d)of such section 2827, the release authorized by subsection

(a)of this section shall be subject to the condition that, if the Economic Development Alliance reconveys all or any part of the conveyed property during the 25-year period referred to in subsection (c)(2) of such section, the Economic Development Alliance shall pay to the United States, upon reconveyance, an amount equal to the fair market value of the reconveyed property as of the time of the reconveyance, excluding the value of any improvements made to the property by the Economic Development Alliance. ####

(2)Determination of fair market value The Secretary of the Army shall determine fair market value in accordance with Federal appraisal standards and procedures. ####

(3)Treatment of leases The Secretary of the Army may treat a lease of the property within such 25-year period as a reconveyance if the Secretary determines that the lease is being used to avoid application of paragraph (1). ####

(4)Deposit of proceeds The Secretary of the Army shall deposit any proceeds received under this subsection in the special account established pursuant to section 572(b) of title 40, United States Code. ###

(c)Instrument of Release The Secretary of the Army may execute and file in the appropriate office a deed of release, amended deed, or other appropriate instrument reflecting the release of conditions and retained interests under subsection (a). ###

(d)Payment of Administrative Costs ####

(1)Payment required The Secretary of the Army shall require the Economic Development Alliance to cover costs to be incurred by the Secretary, or to reimburse the Secretary for costs incurred by the Secretary, to carry out the release of conditions and retained interests under subsection (a), including survey costs, costs related to environmental documentation, and other administrative costs related to the release. If amounts paid to the Secretary in advance exceed the costs actually incurred by the Secretary to carry out the release, the Secretary shall refund the excess amount to the Economic Development Alliance. ####

(2)Treatment of amounts received Amounts received under paragraph

(1)as reimbursement for costs incurred by the Secretary to carry out the release under subsection

(a)shall be credited to the fund or account that was used to cover the costs incurred by the Secretary in carrying out the release. Amounts so credited shall be merged with amounts in such fund or account and shall be available for the same purposes, and subject to the same conditions and limitations, as amounts in such fund or account. ###

(e)Additional Terms and Conditions The Secretary of the Army may require such additional terms and conditions in connection with the release of conditions and retained interests under subsection

(a)as the Secretary considers appropriate to protect the interests of the United States, including provisions that the Secretary determines are necessary to preclude any use of the property that would interfere with activities at Pine Bluff Arsenal.

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Pub. L. 104-201

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Sec. 2831

RELEASE OF REVERSIONARY INTEREST RETAINED AS PART OF CONVEYANCE TO THE ECONOMIC DEVELOPMENT ALLIANCE OF JEFFERSON COUNTY, ARKANSAS

Pub. L.Pub. L. 104-201

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