(2) LESSEE.—The term ‘‘Lessee’’ means the
leaseholder of 1 of the properties described in sec-
tion 4(b) on the date of enactment of this Act and
the leaseholder’s heirs, executors, and assigns of
their leasehold interest.
(3) PROPERTY.—The term ‘‘Property’’ means 1
of the properties described in section 4(b).
(4) 
PURCHASER.—The 
term 
‘‘Purchaser’’
means a person or entity, excluding CFRA, that
purchases the 265 leaseholds under section 4.
(5) RESERVOIR.—The term ‘‘Reservoir’’ means
the Canyon Ferry Reservoir in the State of Mon-
tana.
(6) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of the Interior.
SEC. 4. SALE OF LEASEHOLDS.
(a) IN GENERAL.—Subject to subsection (c) and not-
withstanding any other provision of law, the Secretary
shall sell at fair market value—
(1) all right, title, and interest of the United
States in and to all (but not fewer than all) of the
leaseholds described in subsection (b), subject to
valid existing rights; and
(2) easements for—
(A) vehicular access to each leasehold;
(B) access to and the use of 1 dock per
leasehold; and
(C) access to and the use of all boathouses,
ramps, retaining walls, and other improvements
for which access is provided in the leases as of
the date of this Act.
(b) DESCRIPTION OF LEASEHOLDS.—
(1) IN GENERAL.—The leaseholds to be con-
veyed are—
(A) the 265 cabin sites of the Bureau of
Reclamation located along the northern portion
of the Reservoir in portions of sections 2, 11,
12, 13, 15, 22, 23, and 26, Township 10 North,
Range 1 West; plus
(B) any small parcels contiguous to the
leaseholds (not including shoreline property or
property needed to provide public access to the
shoreline of the Reservoir) that the Secretary
determines should be conveyed in order to elimi-
nate inholdings and facilitate administration of
surrounding land remaining in Federal owner-
ship.
(2) ACREAGE; LEGAL DESCRIPTION.—The acre-
age and legal description of each Property shall be
agreed on by the Secretary and CFRA.
(c) PURCHASE PROCESS.—
(1) IN GENERAL.—The Secretary shall—
(A) solicit sealed bids for all of the lease-
holds;
(B) subject to paragraph (2), sell the
leaseholds to the bidder that submits the high-
est bid above the minimum bid determined
under paragraph (2); and
(C) only accept bids for all 265 leaseholds.
(2) MINIMUM BID.—Before accepting bids, the
Secretary, in consultation with interested bidders,
shall establish a minimum bid based on an appraisal
of the fair market value of the leaseholds, exclusive
of the value of private improvements made by the
leaseholders before the date of the conveyance by
means of an appraisal conducted in conformance
with the Uniform Standards of Professional Ap-
praisal Practice.
(3) RIGHT OF FIRST REFUSAL.—If the highest
bidder is other than CFRA, CFRA shall have the
right to match the highest bid and purchase the
leaseholds at a price equal to the amount of that
bid.
(d) TERMS OF CONVEYANCE.—
(1) PURCHASER TO EXTEND OPTION TO PUR-
CHASE OR TO CONTINUE LEASING.—
(A) IN
GENERAL.—The Purchaser shall
give each leaseholder of record of a leasehold
conveyed under this section an option to pur-
chase the leasehold at fair market value as de-
termined in subsection (c)(2).
(B) NONPURCHASING LESSEES.—
(i) RIGHT TO CONTINUE LEASE.—A
Lessee that is unable or unwilling to pur-
chase a Property shall be permitted to con-
tinue to lease the Property for fair market
value rent under the same terms and con-
ditions as the existing leases, including the
right to renew the term of the existing
lease for 2 consecutive 5-year terms.
(ii) COMPENSATION
FOR
IMPROVE-
MENTS.—If a Lessee declines to purchase
a leasehold, the Purchaser shall com-
pensate the Lessee for the full market
value, as determined pursuant to cus-
tomary appraisal procedures, of all im-
provements made to the leasehold. The
Lessee may sell the improvements to Pur-
chaser at any time, but the sale shall be
completed by the final termination of the
lease, after all renewals as provided in
clause (i).
(2) HISTORICAL
USE.—The Purchaser shall
honor the existing Property descriptions and histori-
cal use restrictions for the leaseholds.
(3) CONTINUATION OF LEASES.—
(A) IN GENERAL.—A Lessee that is unable
or unwilling to purchase a leasehold shall be
permitted to continue to lease the property pur-
suant to the terms and conditions of the lease,
existing on the date of enactment of this Act.
(B) RENTAL
PAYMENTS.—All rents re-
ceived during the continuation of a lease under
subparagraph (A) shall be paid to the Pur-
chaser.
(C) LIMITATION ON RIGHT TO TRANSFER
LEASE.—Subject to valid existing rights, a Les-
see may not sell or otherwise assign or transfer
the leasehold without purchasing the property
from the Purchaser and conveying the fee inter-
est in the property.
(e) ADMINISTRATIVE COSTS.—Any reasonable ad-
ministrative cost incurred by the Secretary incident to the
conveyance under subsection (a) shall be reimbursed by
the Purchaser or CFRA.
(f) TIMING.—The Secretary shall make every effort
to complete the conveyance under subsection (a) not later
than 1 year after the date of enactment of this Act.
(g) CLOSING.—Real estate closings to complete the
conveyance under subsection (a) may be staggered to fa-
cilitate the conveyance as agreed to by the Secretary and
the Purchaser or CFRA.
(h) CONVEYANCE TO LESSEE.—Where the Lessee
will purchase the leasehold from Purchaser or CFRA, the
Lessee may request the Secretary to have the conveyance
documents prepared in the Lessee’s name or names in
order to minimize the time and documents required to
complete the closing for each leasehold.
(i) COSTS.—The Lessee shall reimburse CFRA for a
proportionate share of the costs to CFRA in completing
the transactions contemplated by this Act, including any
interest charges.
Æ