Chester County Reversionary Interest Release Act

To direct the Secretary of Agriculture to release certain reversionary interests of the United States in and to a parcel of land located in Henderson, Tennessee. 1. Short title This Act may be cited as the Chester County Reversionary Interest Release Act 2. Definitions In this Act: (1) Secretary The term Secretary (2) State The term State (3) State forest land The term State forest land State Forest Land State Forest Land Detail Map (4) Webb property The term Webb property Webb Property Lot 1 Webb Property Detail Map 3. Release of reversionary interest (a) Release To facilitate an exchange of land between the Bethel Baptist Church in Henderson, Tennessee, and the State, the Secretary shall release the reversionary interest of the United States in and to the State forest land described in subsection (b) if, as consideration for the release, the State agrees to transfer to the United States a vested future interest in and to the Webb property that is similar to the reversionary interest described in subsection (b). (b) Description of reversionary interest The reversionary interest referred to in subsection (a) is the reversionary interest of the United States in and to the State forest land that— (1) requires that the State forest land be used for public purposes; and (2) is contained in a deed— (A) granting from the United States to the State the State forest land; (B) dated August 12, 1955; and (C) registered on page 588 of book 48 of the record of deeds for Chester County, Tennessee. 4. Sale of mineral rights (a) In general Subject to any valid existing rights of third parties, as soon as practicable after the date on which the Secretary determines that the State has complied with the requirements of subsection (b)(2), the Secretary shall convey to the State the undivided mineral interests of the United States in and to the State forest land. (b) Terms of conveyance (1) In general Not later than 90 days after the date of enactment of this Act, the Secretary shall determine— (A) the mineral character of the State forest land; and (B) the fair market value of the mineral interests referred to in subsection (a). (2) Payment of costs As a condition of the conveyance under subsection (a), the State shall pay to the United States— (A) any administrative costs incurred by the United States in conveying to the State the mineral interests referred to in subsection (a), including the costs incurred by the Secretary in making the determinations required under paragraph (1); and (B) an amount equal to the fair market value of the mineral interests referred to in subsection (a), as determined under paragraph (1)(B).

Summary: Chester County Reversionary Interest Release Act This bill directs the Department of Agriculture (USDA) to release the reversionary interest of the United States in a 0.62-acre parcel of land in Chickasaw State Forest in Tennessee (the state forest land), if, as consideration for the release, Tennessee agrees to transfer to the United States a vested future interest in the 0.90-acre parcel known as the Webb property that is similar to the reversionary interest in order to facilitate a land exchange between Bethel Baptist Church in Henderson, Tennessee, and the state. As soon as the state has complied with specified requirements concerning the deed for the state forest land, USDA shall convey to the state the undivided mineral interest of the United States in such land. Additionally, USDA must determine the mineral character of the state forest land and the fair market value of the U.S. mineral interests&nbsp;no more than 90 days after enactment of this bill. Tennessee must pay the United States the fair market value of the mineral interests.