Trust, a nonprofit organization as described in 
section 501(c)(3) of the Internal Revenue Code of 
1986. 
(B) INCLUSIONS.—The term ‘‘Aspen Valley 
Land Trust’’ includes any successor, heir, or as-
sign of the Aspen Valley Land Trust. 
(2) COUNTY.—The term ‘‘County’’ means Pitkin 
County, a political subdivision of the State of Colo-
rado. 
(3) FEDERAL LAND.—The term ‘‘Federal land’’ 
means— 
(A) the approximately 5.5 acres of National 
Forest System land located in the County, as 
generally depicted on the map entitled ‘‘Ryan 
Land Exchange-Wildwood Parcel Conveyance to 
Pitkin County’’ and dated August 2004; 
(B) the 12 parcels of National Forest Sys-
tem land located in the County totaling approxi-
mately 5.92 acres, as generally depicted on maps 
1 and 2 entitled ‘‘Ryan Land Exchange-Smug-
gler Mountain Patent Remnants Conveyance to 
Pitkin County’’ and dated August 2004; and 
(C) the approximately 40 acres of Bureau of 
Land Management land located in the County, 
as generally depicted on the map entitled ‘‘Ryan 
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Land Exchange-Crystal River Parcel Conveyance 
to Pitkin County’’ and dated August 2004. 
(4) NON-FEDERAL LAND.—The term ‘‘non-Fed-
eral land’’ means— 
(A) the approximately 35 acres of non-Fed-
eral land in the County, as generally depicted on 
the map entitled ‘‘Ryan Land Exchange-Ryan 
Property Conveyance to Forest Service’’ and 
dated August 2004; and 
(B) the approximately 18.2 acres of non- 
Federal land located on Smuggler Mountain in 
the County, as generally depicted on the map en-
titled ‘‘Ryan Land Exchange-Smuggler Moun-
tain-Grand Turk & Pontiac Claims Conveyance 
to Forest Service’’ and dated August 2004. 
(5) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Agriculture. 
SEC. 4. LAND EXCHANGE. 
(a) IN GENERAL.—If the County offers to convey to 
the United States title to the non-Federal land that is ac-
ceptable to the Secretary, the Secretary and the Secretary 
of the Interior shall— 
(1) accept the offer; and 
(2) on receipt of acceptable title to the non-Fed-
eral land, simultaneously convey to the County, or at 
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the request of the County, to the Aspen Valley Land 
Trust, all right, title, and interest of the United 
States in and to the Federal land, except as provided 
in section 5(d), subject to all valid existing rights and 
encumbrances. 
(b) TIMING.—It is the intent of Congress that the land 
exchange directed by this Act shall be completed not later 
than 1 year after the date of enactment of this Act. 
SEC. 5. EXCHANGE TERMS AND CONDITIONS. 
(a) EQUAL VALUE EXCHANGE.—The value of the Fed-
eral land and non-Federal land— 
(1) shall be equal; or 
(2) shall be made equal in accordance with sub-
section (c). 
(b) APPRAISALS.—The value of the Federal land and 
non-Federal land shall be determined by the Secretary 
through appraisals conducted in accordance with— 
(1) the Uniform Appraisal Standards for Fed-
eral Land Acquisitions; 
(2) the Uniform Standards of Professional Ap-
praisal Practice; and 
(3) Forest Service appraisal instructions. 
(c) EQUALIZATION OF VALUES.— 
(1) SURPLUS
OF
NON-FEDERAL
LAND.—If the 
final appraised value of the non-Federal land exceeds 
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the final appraised value of the Federal land, the 
County shall donate to the United States the excess 
value of the non-Federal land, which shall be consid-
ered to be a donation for all purposes of law. 
(2) SURPLUS OF FEDERAL LAND.— 
(A) IN GENERAL.—If the final appraised 
value of the Federal land exceeds the final ap-
praised value of the non-Federal land, the value 
of the Federal land and non-Federal land may, 
as the Secretary and the County determine to be 
appropriate, be equalized by the County— 
(i) making a cash equalization pay-
ment to the Secretary; 
(ii) conveying to the Secretary certain 
land located in the County, comprising ap-
proximately 160 acres, as generally depicted 
on the map entitled ‘‘Sellar Park Parcel’’ 
and dated August 2004; or 
(iii) using a combination of the meth-
ods described in clauses (i) and (ii). 
(B) DISPOSITION AND USE OF PROCEEDS.— 
(i) DISPOSITION OF PROCEEDS.—Any 
cash equalization payment received by the 
Secretary under clause (i) or (iii) of sub-
paragraph (A) shall be deposited in the 
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