To direct the Secretary of Agriculture to exchange certain lands in the Arapaho-Roosevelt National Forests in Colorado and to adjust the boundary of such National Forests.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Arapaho-Roosevelt National Forests 
Land Exchange Act of 2007''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Map.--The term ``map'' means the map entitled ``Eclipse 
        Snow Park Proposed Land Trade Parcels, Figure 1'' and dated 
        September 28, 2007.
            (2) Grand creek, llc.--The term ``Grand Creek, LLC'' means 
        Grand Creek, LLC, a Colorado limited liability company.
            (3) Federal land.--The term ``Federal land'' means certain 
        National Forest System land comprising approximately 119.281 
        acres, that adjoins land owned by Grand Creek, LLC, in Clear 
        Creek County, Colorado, as depicted on the map.
            (4) Non-federal land.--The term ``non-Federal land'' means 
        certain land comprising approximately 74.623 acres, owned by 
        Grand Creek, LLC, as depicted on the map.
            (5) National forests.--The term ``National Forests'' means 
        the Arapaho-Roosevelt National Forests in Colorado.
            (6) Secretary.--The term ``Secretary'' means the Secretary 
        of Agriculture.

SEC. 3. LAND EXCHANGE, ARAPAHO-ROOSEVELT NATIONAL FORESTS, COLORADO.

    (a) Conveyances.--
            (1) Conveyance by grand creek, llc.--The land exchange 
        directed by this section shall proceed if, within 30 days after 
        the date of the enactment of this Act, Grand Creek, LLC, offers 
        to convey title acceptable to the United States in and to the 
        non-Federal land.
            (2) Conveyance by the united states.--After completion of 
        appraisals under subsection (b) and upon receipt of acceptable 
        title to the non-Federal land, the Secretary of Agriculture 
        shall simultaneously convey to Grand Creek, LLC, all right, 
        title, and interest of the United States in and to the Federal 
        land.
    (b) Appraisals and Equal Value Exchange.--
            (1) Appraisals.--The values of the non-Federal land and the 
        Federal land shall be determined by the Secretary through 
        appraisals performed in accordance with the Uniform Appraisal 
        Standards for Federal Land Acquisitions (December 20, 2000) and 
        the Uniform Standards of Professional Appraisal Practice.
            (2) Surplus of non-federal value.--If the final appraised 
        value, as approved by the Secretary, of the non-Federal lands 
        exceeds the final appraised value, as approved by the 
        Secretary, of the Federal land, the Secretary may equalize the 
        values by--
                    (A) reducing the acreage of the non-Federal land to 
                be conveyed, as determined appropriate and acceptable 
                by the Secretary and Grand Creek, LLC;
                    (B) making a cash equalization payment to Grand 
                Creek, LLC, including a cash equalization payment in 
                excess of the amount authorized by section 206(b) of 
                the Federal Land Policy and Management Act of 1976 (43 
                U.S.C. 1716(b)); or
                    (C) a combination of an acreage reduction and a 
                cash equalization payment.
            (3) Surplus of federal value.--If the value of the Federal 
        land exceeds the value of the non-Federal land, the Secretary 
        may accept a cash equalization payment from Grand Creek, LLC, 
        in such amount as may be necessary to equalize the values of 
        the land to be exchanged, including a cash equalization payment 
        in excess of the amount authorized by section 206(b) of the 
        Federal Land Policy and Management Act of 1976 (43 U.S.C. 
        1716(b)).
    (c) Exchange Costs.--As a condition of the land exchange under this 
section, and in order to expedite the land exchange and to save 
administrative costs to the United States, the Secretary shall require 
Grand Creek, LLC, to pay for any necessary land surveys of the non-
Federal land or Federal land to be exchanged and the appraisals under 
subsection (b).
    (d) Recreational Access.--As a condition of the land exchange under 
this section, the Secretary shall require Grand Creek, LLC, to enter 
into an enforceable agreement with the Secretary, of a nature and form 
satisfactory to the Secretary, to allow public use of land owned by 
Grand Creek, LLC, as is necessary to provide unimpeded access to St. 
Mary's Glacier along the route designated ``trail to glacier'' on the 
map.

SEC. 4. BOUNDARY ADJUSTMENT AND MANAGEMENT OF LAND.

    (a) Boundary Adjustment.--Upon acquisition of the non-Federal land 
and conveyance of the Federal land under section 3, the Secretary shall 
adjust the boundary of the National Forests to reflect the land 
exchange under section 3.
    (b) Management of Land.--The Secretary shall manage the non-Federal 
land acquired under section 3 as part of the National Forests, in 
accordance with laws and regulations applicable to the National 
Forests.

Summary: Arapaho-Roosevelt National Forests Land Exchange Act of 2007 - Directs the Secretary of Agriculture, upon completion of an appraisal of the values of certain non-federal land owned by Grand Creek, LLC, and certain National Forest System land that adjoins land owned by Grand Creek in Clear Creek County, Colorado, and upon receipt of acceptable title to the non-federal land, to simultaneously convey such federal land to Grand Creek. Provides for Grand Creek, LLC, to enter into an enforceable agreement with the Secretary to allow public use of land owned by Grand Creek as is necessary to provide unimpeded access to St. Mary's Glacier.