(b) TIMING.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), 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. 
(2) EXCEPTION.—The Secretary, the Secretary of 
the Interior, and the County may agree to extend the 
deadline specified in paragraph (1). 
SEC. 5. EXCHANGE TERMS AND CONDITIONS. 
(a) EQUAL VALUE EXCHANGE.—The value of the Fed-
eral land and non-Federal land directed to be exchanged 
under this Act— 
(1) shall be equal; or 
(2) shall be made equal in accordance with sub-
section (c). 
(b) APPRAISALS.— 
(1) IN GENERAL.—The value of the Federal land 
and non-Federal land shall be determined by the Sec-
retary through appraisals conducted in accordance 
with— 
(A) the Uniform Appraisal Standards for 
Federal Land Acquisitions; 
(B) the Uniform Standards of Professional 
Appraisal Practice; and
(C) Forest Service appraisal instructions. 
(2) VALUE OF CERTAIN FEDERAL LAND.—In con-
ducting the appraisal of the parcel of Federal land 
described in section 3(3)(C), the appraiser shall not 
consider the easement required for that parcel under 
subsection (d)(1) for purposes of determining the 
value of that parcel. 
(c) EQUALIZATION OF VALUES.— 
(1) SURPLUS
OF
NON-FEDERAL
LAND.—If the 
final appraised value of the non-Federal land exceeds 
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 
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), as the 
Secretary and the County determine to be 
appropriate. 
(B) DISPOSITION AND USE OF PROCEEDS.— 
(i) DISPOSITION OF PROCEEDS.—Any 
cash equalization payment received by the 
Secretary under subparagraph (A)(i) shall 
be deposited in the fund established by Pub-
lic Law 90–171 (commonly known as the 
‘‘Sisk Act’’) (16 U.S.C. 484a). 
(ii) USE OF PROCEEDS.—Amounts de-
posited under clause (i) shall be available to 
the Secretary, without further appropria-
tion, for the acquisition of land or interests 
in lands in Colorado for addition to the Na-
tional Forest System. 
(d) CONDITIONS ON CERTAIN CONVEYANCES.— 
(1) CONDITIONS
ON
CONVEYANCE
OF
CRYSTAL 
RIVER PARCEL.— 
(A) IN GENERAL.—The Secretary of the In-
terior shall not convey to the County the parcel 
of land described in section 3(3)(C) until the
County grants to the Aspen Valley Land Trust, 
the Roaring Fork Conservancy, or any other en-
tity acceptable to the Secretary of the Interior 
and the County, a permanent conservation ease-
ment to the parcel, the terms of which— 
(i)(I) provide public access to the par-
cel; and 
(II) require that the parcel shall be 
used only for recreational, fish and wildlife 
conservation, and open space purposes; and 
(ii) are acceptable to the Secretary of 
the Interior. 
(B) REVERSION.—In the deed of conveyance 
that conveys the parcel of land described in sec-
tion 3(3)(C) to the County, the Secretary of the 
Interior shall provide that title to the parcel 
shall, at the discretion of the Secretary of the In-
terior, revert to the United States at no cost to 
the United States if— 
(i) the parcel is used for a purpose 
other than that described in subparagraph 
(A)(i)(II); or 
(ii) the County or the entity holding 
the conservation easement elect to dis-
continue administering the parcel.