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[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4731 Reported in House (RH)]

<DOC>

                                                 Union Calendar No. 816
115th CONGRESS
  2d Session
                                H. R. 4731

                         [Report No. 115-1049]

  To extend the retained use estate for the Caneel Bay resort in St. 
      John, United States Virgin Islands, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           December 21, 2017

 Ms. Plaskett introduced the following bill; which was referred to the 
                     Committee on Natural Resources

                           November 27, 2018

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
    [For text of introduced bill, see copy of bill as introduced on 
                           December 21, 2017]

_______________________________________________________________________

                                 A BILL

 
  To extend the retained use estate for the Caneel Bay resort in St. 
      John, United States Virgin Islands, and for other purposes.

 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF RETAINED USE ESTATE.

    (a) Extension Required.--Not later than 90 days after a request by 
the grantor, the Secretary of the Interior shall extend the retained 
use estate in accordance with this section.
    (b) Requirements.--The extension under subsection (a) shall--
            (1) except as provided in paragraph (2), be effective for 
        the 60-year period beginning on the date the retained use 
        estate would, but for the extension under this section, expire;
            (2) be subject to the terms of the retained use estate, 
        including the right of the grantor to terminate the retained 
        use estate in accordance with the terms thereof; and
            (3) require the grantor to pay to the United States, in 
        quarterly installments for the period of the extension, fair 
        market value rental for use of the premises for operation and 
        management of resort facilities and services in an amount equal 
        to--
                    (A) for each of the first 15 years of the 
                extension, a percentage of the gross revenues of the 
                resort in accordance with subsections (c) and (d) to be 
                determined no later than 90 days after the date on 
                which the extension is granted under subsection (a) 
                by--
                            (i) a written agreement between the 
                        Secretary and the grantor; or
                            (ii) if the Secretary and the grantor are 
                        unable to agree on such a percentage by the 
                        date that the extension is granted under 
                        subsection (a), through binding arbitration 
                        using procedures specified in section 51.51 of 
                        title 36, Code of Federal Regulations; and
                    (B) for each year of the extension thereafter, the 
                amount determined under subparagraph (A), except that--
                            (i) such amount shall be adjusted if 
                        requested by the Secretary or the grantor;
                            (ii) any such adjustment shall be 
                        determined--
                                    (I) through a written agreement 
                                between the Secretary and the grantor; 
                                or
                                    (II) if the Secretary and the 
                                grantor are unable to agree on such an 
                                adjustment after a 60-day period for 
                                negotiation (or a longer period for 
                                negotiation agreed upon by the 
                                Secretary and the grantor), through 
                                binding arbitration between the 
                                Secretary and the grantor using the 
                                arbitration procedures specified in 
                                section 51.51 of title 36, Code of 
                                Federal Regulations; and
                            (iii) no more than one adjustment may be 
                        made under this subparagraph in any 15-year 
                        period.
    (c) Calculation of Fair Market Value Rental.--The initial payment 
required under subsection (b)(3)(A) and any adjustment under subsection 
(b)(3)(B) shall reflect the fair market value of a land lease for hotel 
use, as determined by an appraisal by an independent qualified 
appraiser who is selected jointly by the Secretary and the grantor and 
shall reflect--
            (1) any restrictions on the use of the property or terms of 
        the retained use estate that limit the value or highest and 
        best use of the property;
            (2) any amounts expended or to be expended by the grantor 
        for preservation, maintenance, restoration (including site 
        restoration), improvement (including construction), or repair 
        and related expenses to the extent that such amounts are for 
        the resort; and
            (3) the remaining term of the extended retained use estate.
    (d) Payments.--Payments under subsection (b)(3) shall--
            (1) be due--
                    (A) except as provided in subparagraph (B), 60 days 
                after the end of the applicable quarter; and
                    (B) in the case of the last quarter of each 
                calendar year (or the last quarter before the retained 
                use estate expires), 90 days after the end of the 
                calendar year (or the end of the retained use estate in 
                the year that the retained use estate expires);
            (2) be based on actual gross revenues for the preceding 
        quarter;
            (3) in the case of a payment due under paragraph (1)(B), 
        include any adjustment that may be required after an audit of 
        the gross annual revenues for the preceding year; and
            (4) be deposited into the General Treasury.
    (e) Definitions.--In this section--
            (1) each of the terms ``retained use estate'' and 
        ``resort'' has the meaning given such term in section 1 of 
        Public Law 111-261 (16 U.S.C. 398d note); and
            (2) the term ``grantor'' means the holder of the retained 
        use estate.
                                                 Union Calendar No. 816

115th CONGRESS

  2d Session

                               H. R. 4731

                         [Report No. 115-1049]

_______________________________________________________________________

                                 A BILL

  To extend the retained use estate for the Caneel Bay resort in St. 
      John, United States Virgin Islands, and for other purposes.

_______________________________________________________________________

                           November 27, 2018

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```