SECTION 1. CANEEL BAY LEASE AUTHORIZATION.
    (a) Definitions.--In this section:
        (1) Park.--The term ``Park'' means the Virgin Islands National 
    Park.
        (2) Resort.--The term ``resort'' means the Caneel Bay resort on 
    the island of St. John in the Park.
        (3) Retained use estate.--The term ``retained use estate'' 
    means the retained use estate for the Caneel Bay property on the 
    island of St. John entered into between the Jackson Hole Preserve 
    and the United States on September 30, 1983 (as amended, assigned, 
    and assumed).
        (4) Secretary.--The term ``Secretary'' means the Secretary of 
    the Interior.
    (b) Lease Authorization.--
        (1) In general.--If the Secretary determines that the long-term 
    benefit to the Park would be greater by entering into a lease with 
    the owner of the retained use estate than by authorizing a 
    concession contract upon the termination of the retained use 
    estate, the Secretary may enter into a lease with the owner of the 
    retained use estate for the operation and management of the resort.
        (2) Acquisitions.--The Secretary may--
            (A) acquire associated property from the owner of the 
        retained use estate; and
            (B) on the acquisition of property under subparagraph (A), 
        administer the property as part of the Park.
        (3) Authority.--Except as otherwise provided by this section, a 
    lease shall be in accordance with subsection (k) of section 3 of 
    Public Law 91-383 (16 U.S.C. 1a-2(k)), notwithstanding paragraph 
    (2) of that subsection.
        (4) Terms and conditions.--A lease authorized under this 
    section shall--
            (A) be for the minimum number of years practicable, taking 
        into consideration the need for the lessee to secure financing 
        for necessary capital improvements to the resort, but in no 
        event shall the term of the lease exceed 40 years;
            (B) prohibit any transfer, assignment, or sale of the lease 
        or otherwise convey or pledge any interest in the lease without 
        prior written notification to, and approval by the Secretary;
            (C) ensure that the general character of the resort 
        property remains unchanged, including a prohibition against--
                (i) any increase in the overall size of the resort; or
                (ii) any increase in the number of guest accommodations 
            available at the resort;
            (D) prohibit the sale of partial ownership shares or 
        timeshares in the resort;
            (E) include provisions to ensure the protection of the 
        natural, cultural, and historic features of the resort and 
        associated property, consistent with the laws and policies 
        applicable to property managed by the National Park Service; 
        and
            (F) include any other provisions determined by the 
        Secretary to be necessary to protect the Park and the public 
        interest.
        (5) Rental amounts.--In determining the fair market value 
    rental of the lease required under section 3(k)(4) of Public Law 
    91-383 (16 U.S.C. 1a-2(k)(4)), the Secretary shall take into 
    consideration--
            (A) the value of any associated property conveyed to the 
        United States; and
            (B) the value, if any, of the relinquished term of the 
        retained use estate.
        (6) Use of proceeds.--Rental amounts paid to the United States 
    under a lease shall be available to the Secretary, without further 
    appropriation, for visitor services and resource protection within 
    the Park.
        (7) Congressional notification.--The Secretary shall submit a 
    proposed lease under this section to the Committee on Energy and 
    Natural Resources of the Senate and the Committee on Natural 
    Resources of the House of Representatives at least 60 days before 
    the award of the lease.
        (8) Renewal.--A lease entered into under this section may not 
    be extended or renewed.
        (9) Termination.--Upon the termination of a lease entered into 
    under this section, if the Secretary determines the continuation of 
    commercial services at the resort to be appropriate, the services 
    shall be provided in accordance with the National Park Service 
    Concessions Management Improvement Act of 1998 (16 U.S.C. 5951 et 
    seq.).
    (c) Retained Use Estate.--
        (1) In general.--As a condition of the lease, the owner of the 
    retained use estate shall terminate, extinguish, and relinquish to 
    the Secretary all rights under the retained use estate and shall 
    transfer, without consideration, ownership of improvements on the 
    retained use estate to the National Park Service.
        (2) Appraisal.--
            (A) In general.--The Secretary shall require an appraisal 
        by an independent, qualified appraiser who is agreed to by the 
        Secretary and the owner of the retained use estate to determine 
        the value, if any, of the relinquished term of the retained use 
        estate.
            (B) Requirements.--An appraisal under paragraph (1) shall 
        be conducted in accordance with--
                (i) the Uniform Appraisal Standards for Federal Land 
            Acquisitions; and
                (ii) the Uniform Standards of Professional Appraisal 
            Practice.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
Authorizes the Secretary of the Interior, if the long-term benefit to the Virgin Islands National Park would be greater by entering into a lease than by authorizing a concession contract, to enter into a lease with the owner of the retained use estate for the operation and management of the Caneel Bay resort on the island in the Park.

Allows the Secretary to acquire associated property.

Sets forth the terms and conditions for the lease authorized by this Act, including provisions ensuring protection of the natural, cultural, and historic features of the resort and associated property, consistent with the laws and policies applicable to property managed by the National Park Service (NPS).

Instructs the Secretary, in determining the fair market value rental of the lease, to take into consideration: (1) the value of any associated property conveyed; and (2) the value, if any, of the relinquished term of the retained use estate.

Makes rental amounts paid to the United States under the lease available for visitor services and resource protection within the Virgin Islands National Park.

Requires the Secretary to submit a proposed lease to Congress at least 60 days before the award of the lease.

Prohibits the extension or renewal of a lease entered into under this Act.

Requires, upon the termination of such a lease, that if the Secretary determines the continuation of commercial services at the resort to be appropriate, such services shall be provided in accordance with the National Park Service Concessions Management Improvement Act of 1998.

Requires the owner of the retained use estate to terminate, extinguish, and relinquish to the Secretary all rights under the retained use estate and transfer, without consideration, ownership of improvements on the retained use estate to the NPS.

Requires an appraisal that is agreed to by the Secretary and the owner to determine the value, if any, of the relinquished term of the retained use estate, to be conducted in accordance with this Act.
To authorize the Secretary of the Interior to lease certain lands in Virgin Islands National Park, and for other purposes.