change-Ryan Property Conveyance to Forest 
Service’’ and dated August 2004. 
(B) The approximately 18.2 acres of non- 
Federal land located on Smuggler Mountain in 
the County, as generally depicted on the map 
entitled
‘‘Ryan
Land
Exchange-Smuggler 
Mountain-Grand Turk and Pontiac Claims Con-
veyance to Forest Service’’. 
(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- 
Federal land, simultaneously convey to the County, 
or at 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, subject to 
all valid existing rights and encumbrances. 
(b) TIMING.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), it is the intent of Congress that the land 
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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 
Federal land and non-Federal land directed to be ex-
changed 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 Secretary through appraisals conducted in ac-
cordance 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 
conducting the appraisal of the parcel of Federal 
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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 ex-
ceeds the final appraised value of the Federal land, 
the County shall donate to the United States the ex-
cess value of the non-Federal land, which shall be 
considered 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 de-
picted on the map entitled ‘‘Sellar Park 
Parcel’’ and dated August 2004; or 
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