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(b) NON-FEDERAL OFFERED LANDS.—Upon transfer
of the Federal selected lands under subsection (a), and in
exchange for those lands, the Sun Valley Company shall si-
multaneously convey to the Secretary all right, title and
interest of the Sun Valley Company in and to so much of
the following offered lands which have been previously iden-
tified by the United States Forest Service as desirable by
the United States, or which are identified pursuant to para-
graph (5) prior to the transfer of lands under subsection
(a), as are of approximate equal value to the Federal se-
lected lands:
(1) Certain lands located within the exterior
boundaries of the Cache National Forest in Weber
County, Utah, which comprise approximately 640
acres and are generally depicted on a map entitled
‘‘Lightning Ridge Offered Lands’’, dated October
1995.
(2) Certain lands located within the Cache Na-
tional Forest in Weber County, Utah, which comprise
approximately 635 acres and are generally depicted
on a map entitled ‘‘Wheeler Creek Watershed Offered
Lands—Section 2’’ dated October 1995.
(3) Certain lands located within the exterior
boundaries of the Cache National Forest in Weber
County, Utah, and lying immediately adjacent to the
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outskirts of the City of Ogden, Utah, which comprise
approximately 800 acres and are generally depicted
on a map entitled ‘‘Taylor Canyon Offered Lands’’,
dated October 1995.
(4) Certain lands located within the exterior
boundaries of the Cache National Forest in Weber
County, Utah, which comprise approximately 2,040
acres and are generally depicted on a map entitled
‘‘North Fork Ogden River—Devil’s Gate Valley’’,
dated October 1995.
(5) Such additional offered lands in the State of
Utah as may be necessary to make the values of the
lands exchanged pursuant to this title approximately
equal, and which are acceptable to the Secretary.
(c) SUBSTITUTION OF OFFERED LANDS.—If one or
more of the precise offered land parcels identified in para-
graphs (1) through (4) of subsection (b) is unable to be con-
veyed to the United States due to appraisal or other rea-
sons, or if the Secretary and the Sun Valley Company mu-
tually agree and the Secretary determines that an alter-
native offered land package would better serve long term
public needs and objectives, the Sun Valley Company may
simultaneously convey to the United States alternative of-
fered lands in the State of Utah acceptable to the Secretary
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in lieu of any or all of the lands identified in paragraphs
(1) through (4) of subsection (b).
(d) VALUATION AND APPRAISALS.—(1) Values of the
lands to be exchanged pursuant to this title shall be equal
as determined by the Secretary utilizing nationally recog-
nized appraisal standards and in accordance with section
206 of the Federal Land Policy and Management Act of
1976. The appraisal reports shall be written to Federal
standards as defined in the Uniform Appraisal Standards
for Federal Land Acquisitions. If, due to size, location, or
use of lands exchanged under this title, the values are not
exactly equal, they shall be equalized by the payment of cash
equalization money to the Secretary or the Sun Valley Com-
pany as appropriate in accordance with section 206(b) of
the Federal Land Policy and Management Act of 1976 (43
U.S.C. 1716(b)). In order to expedite the consummation of
the exchange directed by this title, the Sun Valley Company
shall arrange and pay for appraisals of the offered and se-
lected lands by a qualified appraiser with experience in ap-
praising similar properties and who is mutually acceptable
to the Sun Valley Company and the Secretary. The ap-
praisal of the Federal selected lands shall be completed and
submitted to the Secretary for technical review and ap-
proval no later than 120 days after the date of enactment
of this Act, and the Secretary shall make a determination
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of value not later than 30 days after receipt of the ap-
praisal. In the event the Secretary and the Sun Valley Com-
pany are unable to agree to the appraised value of a certain
tract or tracts of land, the appraisal, appraisals, or ap-
praisal issues in dispute and a final determination of value
shall be resolved through a process of bargaining or submis-
sion to arbitration in accordance with section 206(d) of the
Federal Land Policy and Management Act of 1976 (43
U.S.C. 1716(d)).
(2) In order to expedite the appraisal of the Federal
selected lands, such appraisal shall—
(A) value the land in its unimproved state, as a
single entity for its highest and best use as if in pri-
vate ownership and as of the date of enactment of this
Act;
(B) consider the Federal lands as an independ-
ent property as though in the private marketplace
and suitable for development to its highest and best
use;
(C) consider in the appraisal any encumbrance
on the title anticipated to be in the conveyance to
Sun Valley Company and reflect its effect on the fair
market value of the property; and
(D) not reflect any enhancement in value to the
Federal selected lands based on the existence of pri-