an endangered species or threatened species on pri-
vate property. 
‘‘(3) Other grants that promote voluntary con-
servation of endangered species or threatened species 
on private property. 
‘‘(d) ELIGIBILITY FOR AID.—(1) The Secretary shall 
award aid to private property owners who—
‘‘(A) received a written determination under 
section 10(k) finding that the proposed use of pri-
vate property would not comply with section 9(a); or 
‘‘(B) receive notice under section 10(k)(10) that 
a written determination has been withdrawn. 
‘‘(2) Aid shall be in an amount no less than the fair 
market value of the use that was proposed by the property 
owner if—
‘‘(A) the owner has foregone the proposed use; 
‘‘(B) the owner has requested financial aid—
‘‘(i) within 180 days of the Secretary’s 
issuance of a written determination that the 
proposed use would not comply with section 
9(a); or 
‘‘(ii) within 180 days after the property 
owner is notified of a withdrawal under section 
10(k)(10); and
‘‘(C) the foregone use would be lawful under 
State and local law and the property owner has dem-
onstrated that the property owner has the means to 
undertake the proposed use. 
‘‘(e) DISTRIBUTION OF GRANTS AND AID.—(1) The 
Secretary shall pay eligible aid—
‘‘(A) within 270 days after receipt of a request 
for aid unless there are unresolved questions regard-
ing the fair market value; or 
‘‘(B) at the resolution of any questions con-
cerning the fair market value established under sub-
section (g). 
‘‘(2) All grants provided under this section shall be 
paid on the last day of the fiscal year. Aid shall be paid 
based on the date of the initial request. 
‘‘(f) DOCUMENTATION OF THE FOREGONE USE.—
Within 30 days of the request for aid, the Secretary shall 
enter into negotiations with the property owner regarding 
the documentation of the foregone proposed use through 
such mechanisms that would benefit the species such as 
contract terms, lease terms, deed restrictions, easement 
terms, or transfer of title. If the Secretary and the prop-
erty owner are unable to reach an agreement, then, within 
60 days of the request for aid, the Secretary shall deter-
mine how the property owner’s foregone use shall be docu-
mented to benefit the species with the least impact on the 
ownership interests of the property owner necessary to 
document the foregone use, which shall not include trans-
fer of title. 
‘‘(g) FAIR MARKET VALUE.—For purposes of this 
section, the fair market value of the foregone use of the 
affected portion of the private property, including business 
losses, is what a willing buyer would pay to a willing seller 
in an open market. Fair market value shall take into ac-
count the likelihood that the foregone use would be ap-
proved under State and local law. The fair market value 
shall be determined within 180 days of the documentation 
of the foregone use. The fair market value shall be deter-
mined jointly by 2 licensed independent appraisers, one 
selected by the Secretary and one selected by the property 
owner. If the 2 appraisers fail to agree on fair market 
value, the Secretary and the property owner shall jointly 
select a third licensed appraiser whose appraisal within an 
additional 90 days shall be the best and final offer by the 
Secretary. Within one year after the date of enactment 
of the Threatened and Endangered Species Recovery Act 
of 2005, the Secretary shall promulgate regulations re-
garding selection of the jointly selected appraisers under 
this subsection.