SECTION 1. DEFINITIONS.

    In this Act, the following definitions apply:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.
            (2) RUE.--The term ``RUE'' means the retained use estate 
        entered into by the Jackson Hole Preserve and the United States 
        on September 30, 1983.
            (3) Park.--The term ``park'' means Virgin Islands National 
        Park.
            (4) CBI.--The term ``CBI'' means CBI Acquisitions, LLC.
            (5) Resort.--The term ``Resort'' means Caneel Bay Resort on 
        the island of St. John in Virgin Islands National Park.

SEC. 2. LEASE AGREEMENT.

    (a) Authorization.--The Secretary may enter into a lease agreement 
with CBI governing the use of property for the continued management and 
operation of the Resort.
    (b) Additional Lands.--Any lease entered into pursuant to this Act 
shall include the property covered by the RUE and any associated 
property owned by CBI donated to the National Park Service.
    (c) Terms.--The lease agreement authorized under subsection (a) 
shall--
            (1) require that operations and maintenance of the Resort 
        are conducted in a manner consistent with the preservation and 
        conservation of the resources and values of the Park as well as 
        the best interests of the Resort;
            (2) be for the minimum number of years practicable to 
        enable the lessee to secure financing for any necessary 
        improvements to the Resort, taking into account the financial 
        obligations of CBI, but in any event shall not exceed 40 years;
            (3) 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;
            (4) prohibit any increase in the number of guest 
        accommodations available at the Resort;
            (5) prohibit any increase in the overall size of the 
        Resort;
            (6) prohibit the sale of partial ownership shares or 
        timeshares in the Resort;
            (7) be designed to facilitate transfer of all property 
        covered by the lease to Federal administration upon expiration 
        of the lease; and
            (8) include any other provisions determined by the 
        Secretary to be necessary to protect the Park and the public 
        interest.
    (d) Appraisals.--The Secretary shall require appraisals to 
determine the fair market value of all property covered by the RUE and 
any property, including the value, if any, of the surrendered term of 
the RUE, owned by CBI to be donated, or otherwise conveyed, to the 
National Park Service. Such appraisals shall be conducted pursuant to 
the Uniform Appraisal Standards for Federal Land Acquisition.
    (e) Compensation.--
            (1) In general.--The lease authorized by this Act shall--
                    (A) require payment to the United States of the 
                property's fair market value rent, taking into account 
                the value of any associated property transferred by CBI 
                as well as the value, if any, of the surrendered term 
                of the RUE;
                    (B) include a provision--
                            (i) allowing recalculation of the amount of 
                        the payment required under this subsection, at 
                        the request of the Secretary or CBI, in the 
                        event of extraordinary unanticipated changes in 
                        conditions anticipated at the time the lease 
                        was finalized; and
                            (ii) providing for binding arbitration in 
                        the event the Secretary and CBI are unable to 
                        agree upon an adjustment to the payment in 
                        these circumstances.
            (2) Distribution.--Eighty percent of the payment to the 
        United States required by this subsection shall be available to 
        the Secretary, without further appropriation, for expenditure 
        within the Park. The remaining twenty percent shall be 
        deposited in the Treasury.
            (3) Applicability of certain law.--Section 321 of the Act 
        of June 30, 1932 (40 U.S.C. 1302), relating to the leasing of 
        buildings and property of the United States, shall not apply to 
        the lease entered into by the Secretary pursuant to this Act.

SEC. 3. RETAINED USE ESTATE.

    As a condition of the lease, CBI shall relinquish to the Secretary 
all rights under the RUE and transfer, without compensation, ownership 
of improvements covered by the RUE to the United States.

            Passed the House of Representatives March 4, 2008.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

                               By Deborah M. Spriggs,

                                                          Deputy Clerk.
Authorizes the Secretary of the Interior to enter into a lease with CBI Acquisitions, LLC, governing the use of property for the continued management and operation of the Caneel Bay Resort on the island of St. John in Virgin Islands National Park.

Requires any lease entered into pursuant to this Act to include the property covered by the retained use estate entered into by the Jackson Hole Preserve and the United States on September 30, 1983, (the RUE) and any associated property owned by CBI donated to the National Park Service (NPS).

Sets forth provisions regarding: (1) the terms of the lease agreement; (2) appraisals to determine the fair market value of all property covered by the RUE and any property, including the value, if any, of the surrendered term of the RUE, owned by CBI to be donated, or otherwise conveyed, to the NPS; and (3) compensation to the United States of the property's fair market value rent. Makes 80% of such payment available for expenditure within Virgin Islands National Park.

Requires CBI, as a condition of the lease, to relinquish to the Secretary all rights under the RUE and to transfer, without compensation, ownership of improvements covered by the RUE to the United States.
To authorize the Secretary of the Interior to lease certain lands in Virgin Islands National Park, and for other purposes.