A bill to release a Federal reversionary interest in Chester County, Tennessee, and for other purposes.

To release a Federal reversionary interest in Chester County, Tennessee, and for other purposes. 1. Chester County reversionary interest release (a) Definitions In this section: (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 (b) Release of reversionary interest (1) Release On the transfer of ownership of the Webb property to the State for inclusion in the Chickasaw State Forest and the transfer of the State forest land to the State or a non-State entity, by request of the State, the Secretary shall release to the State, without consideration, the reversionary interest of the United States in and to the State forest land described in paragraph (2). (2) Description of reversionary interest The reversionary interest referred to in paragraph (1) is the reversionary interest of the United States in and to the State forest land that— (A) requires that the State forest land be used for public purposes; and (B) is contained in a deed— (i) granting from the United States to the State the State forest land; (ii) dated August 12, 1955; and (iii) registered on pages 588 through 591 of book 48 of the record of deeds for Chester County, Tennessee. (c) Sale of mineral rights (1) In general Subject to any valid existing rights of third parties, as soon as practicable after the date on which all actions described in subsection (b)(1) have been carried out, the Secretary shall offer to sell to the State the undivided mineral interests of the United States in and to the State forest land. (2) Terms of sale (A) In general Not later than 180 days after the date of enactment of this Act, the Secretary shall determine— (i) the mineral character of the State forest land; and (ii) the market value of the mineral interests referred to in paragraph (1), as determined by an appraisal conducted in accordance with subparagraph (C). (B) Payment of costs As a condition of any sale under this subsection, the State shall pay to the United States— (i) any administrative costs incurred by the United States in selling to the State the mineral interests referred to in paragraph (1), including the costs incurred by the Secretary in making the determinations required under subparagraph (A); and (ii) an amount equal to the market value of the mineral interests referred to in paragraph (1), as determined under subparagraph (A)(ii). (C) Appraisal requirements An appraisal conducted under subparagraph (A)(ii) shall be— (i) consistent with the Uniform Appraisal Standards for Federal Land Acquisitions and the Uniform Standards of Professional Appraisal Practice; and (ii) subject to the approval of the Secretary.

Summary: This bill releases certain reversionary interest in land to Tennessee. Upon the transfer of ownership of the approximately 0.90-acre parcel of land identified as the Webb property to Tennessee for inclusion in the Chickasaw State Forest and the transfer of the approximately 0.62-acre parcel of land identified as state forest land to Tennessee or a non-state entity, the Department of Agriculture (USDA) shall release to Tennessee the reversionary interest of the United States in the state forest land that requires the land to be used for public purposes.After such actions, USDA shall offer to sell to Tennessee the undivided mineral interests of the United States in the state forest land.