To authorize public-private partnerships to rehabilitate Federal real property, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Asset Management Improvement 
Act of 2001''.

                 TITLE I--IMPROVED PROPERTY MANAGEMENT

SEC. 101. PERFORMANCE MEASUREMENT.

    (a) Performance Measures Required.--
            (1) In general.--The Administrator, in consultation with 
        the heads of executive agencies, shall establish performance 
        measures to determine the effectiveness of Federal property 
        management. The performance measures shall be designed to--
                    (A) enable the Congress and heads of executive 
                agencies to track progress in the achievement of 
                property management objectives on a governmentwide 
                basis; and
                    (B) allow for comparing the performance of 
                executive agencies against industry and other public 
                sector agencies in terms of performance.
            (2) Use of existing data and data collection tools.--In 
        developing and implementing the performance measures, the 
        Administrator shall use existing data sources and automated 
        data collection tools to the maximum extent practical.
    (b) Executive Agencies.--The head of each executive agency shall--
            (1) monitor the performance of the agency against the 
        performance measures established under subsection (a); and
            (2) report the results of such monitoring to the Congress 
        in the agency's budget submission under section 1105 of title 
        31, United States Code.
    (c) Management Plan.--Within 90 days after the date of the 
enactment of this Act, the Administrator of General Services shall 
submit to the Congress a program management plan describing--
            (1) how the program established by this Act will be 
        implemented;
            (2) individuals who will exercise operational authority 
        over the program;
            (3) the qualifications of such individuals; and
            (4) a timeline for implementation of the program.

                 TITLE II--PUBLIC-PRIVATE PARTNERSHIPS

SEC. 201. PUBLIC-PRIVATE PARTNERSHIP AUTHORITY.

    Title II of the Federal Property and Administrative Services Act of 
1949 (40 U.S.C. 481 et seq.) is amended by adding at the end the 
following:
    ``Sec. 213. (a) The Administrator may enter into agreements for the 
creation of one or more public-private partnerships with a 
nongovernmental person, the purpose of which shall be (1) to lease 
Federal real property under the terms of subsection (c), and (2) to 
develop, rehabilitate, or renovate facilities on such leased property 
for the use, in whole or part, by executive agencies. The public-
private partnership may be a limited liability company, limited 
partnership, corporation, business trust, or other form of entity, as 
the Administrator may designate. The nongovernmental person shall 
exercise control of the management of the public-private partnership, 
and shall hold a majority interest in ownership and profits of the 
public-private partnership.
    ``(b) Each agreement entered into pursuant to this section--
            ``(1) shall have as its primary purpose the enhancement of 
        the functional and economic efficiency of Federal real 
        property;
            ``(2) shall be negotiated pursuant to such procedures as 
        the Administrator considers necessary to promote competition 
        and protect the public interest;
            ``(3) shall provide a lease option to the United States to 
        occupy space in the facilities acquired, constructed, or 
        rehabilitated by the public-private partnership, but shall not 
        guarantee occupancy by the United States;
            ``(4) shall describe the consideration, duties, and 
        responsibilities for which the United States and the 
        nongovernmental person are responsible and may provide for the 
        alteration, repair, or improvement of the real property as part 
        or all of the consideration of the nongovernmental person, 
        notwithstanding any provision of law, including the Act of June 
        30, 1932 (chapter 314; 40 U.S.C. 303b);
            ``(5) shall provide--
                    ``(A) that the United States shall not be liable 
                for any actions, debts, or liability of any person 
                created by such agreement; and
                    ``(B) that no person is authorized by the agreement 
                to execute any instrument or document creating or 
                evidencing any indebtedness unless such instrument or 
                document specifically disclaims any liability of the 
                United States under the instrument or document; and
            ``(6) shall provide that the leasehold interests of the 
        United States are senior to that of any lender to the 
        nongovernmental person.
Paragraph (6) shall not impair the ability of a public-private 
partnership to pledge as collateral its leasehold interest under a 
lease with the United States entered into pursuant to the terms of 
subsection (c).
    ``(c)(1) Notwithstanding any other provision of law, including 
sections 202 and 203 of this Act, the Administrator may lease real 
property to a public-private partnership created under this section in 
furtherance of agreements under subsection (a).
    ``(2) Master leases under this subsection may be for such period as 
the Administrator determines appropriate.
    ``(3) The Administrator may dispose of equity interest controlled 
by the United States in any public-private partnership created under 
this section whenever determined by the Administrator to be beneficial 
to the United States, if the Administrator receives the estimated fair 
market value of such interests. Proceeds from such disposal shall be 
deposited into the fund created by section 210(f).
    ``(4) Real property leased under this subsection shall not be 
considered unutilized or underutilized for purposes of section 501 of 
the Stewart B. McKinney Homeless Assistance Act and may be leased under 
this subsection without regard to any other provision of law.
    ``(d) Notwithstanding any other provision of law, the 
Administrator, or his or her designee, may provide services to a 
public-private partnership created under this section on such terms as 
the Administrator considers appropriate.
    ``(e)(1) Notwithstanding any other provision of law, the 
Administrator may retain and use any revenues derived from agreements 
entered into under this section for the physical improvement of Federal 
real property.
    ``(2) At the discretion of the Administrator, revenues from master 
leases authorized by this section shall be deposited into the fund 
established by section 210(f), or deposited into the general fund of 
the Treasury as miscellaneous receipts.
    ``(3) Net revenues received by the Administrator from public-
private partnerships created under this section, other than proceeds 
from master leases of real property, shall be deposited in the fund 
established by section 210(f).
    ``(f) Upon request of the head of an executive agency, the 
Administrator shall delegate to the head of the executive agency 
authority of the Administrator under subsections (a) through (e).
    ``(g) The Administrator shall prepare and transmit to the Congress 
a business plan regarding each agreement with a nongovernmental person 
under this section not later than 30 days before the date on which the 
Administrator enters into the agreement. The business plan shall 
identify the property that the Administrator proposes to make available 
under the agreement, an explanation of the agreement, the name, 
resources, and qualifications of the nongovernmental person, the 
factors in support of the proposed project, and performance measures by 
which the proposed project will be measured.
    ``(h) The Administrator shall describe, in the budget submitted by 
the President pursuant to section 1105 of title 31, United States Code, 
the projected economic performance, including expenditures and 
receipts, arising from agreements entered into pursuant this section.
    ``(i) In this section:
            ``(1) The term `nongovernmental person' means a person that 
        is not an executive agency.
            ``(2) The term `master lease' means a conveyance of Federal 
        real property to a public-private partnership created under 
        this section through a lease entered into by the Administrator 
        with the public-private partnership.''.

SEC. 202. REPORTS.

    (a) Office of the Administrator.--Not later than 5 years after the 
date of enactment of this Act, the Administrator of General Services 
shall submit to the Congress a report on the use by executive agencies 
of the authorities provided by this Act. The report shall--
            (1) assess the effectiveness of the authority to enter into 
        agreements to enhance the value of the properties subject to 
        the agreements; and
            (2) review the performance measures included in the 
        explanatory statements submitted pursuant to section 201.
    (b) Report of the Comptroller General.--Not later than 5 years 
after the date of enactment of this Act, the Comptroller General of the 
United States shall submit to the Congress a report on the use by 
executive agencies of the authorities provided by this Act.

Summary: Federal Asset Management Improvement Act of 2001 - Directs the: (1) Administrator of General Services to establish performance measures to determine the effectiveness of Federal property management. (2) head of each executive agency to monitor their agency's performance against such measures and report results to Congress. And (3) Administrator to submit to Congress a Federal property management plan. Amends the Federal Property and Administrative Services Act of 1949 to authorize the Administrator to enter into agreements for the creation of one or more public-private partnerships to: (1) lease Federal real property. And (2) develop, rehabilitate, or renovate facilities on such property for use by executive agencies. Requires the Administrator to prepare and submit to Congress at least 30 days before entering into such an agreement a business plan regarding each agreement.