110TH CONGRESS 
2D SESSION 
H. R. 1143 
AN ACT 
To authorize the Secretary of the Interior to lease certain 
lands in Virgin Islands National Park, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. DEFINITIONS. 
In this Act, the following definitions apply: 
(1) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Interior. 
(2) RUE.—The term ‘‘RUE’’ means the re-
tained use estate entered into by the Jackson Hole 
Preserve and the United States on September 30, 
1983. 
(3) PARK.—The term ‘‘park’’ means Virgin Is-
lands National Park. 
(4) CBI.—The term ‘‘CBI’’ means CBI Acqui-
sitions, LLC. 
(5) 
RESORT.—The 
term 
‘‘Resort’’ 
means 
Caneel Bay Resort on the island of St. John in Vir-
gin Islands National Park. 
SEC. 2. LEASE AGREEMENT. 
(a) AUTHORIZATION.—The Secretary may enter into 
a lease agreement with CBI governing the use of property 
for the continued management and operation of the Re-
sort. 
(b) ADDITIONAL LANDS.—Any lease entered into 
pursuant to this Act shall include the property covered by 
the RUE and any associated property owned by CBI do-
nated to the National Park Service. 
(c) TERMS.—The lease agreement authorized under 
subsection (a) shall—
(1) require that operations and maintenance of 
the Resort are conducted in a manner consistent 
with the preservation and conservation of the re-
sources and values of the Park as well as the best 
interests of the Resort; 
(2) be for the minimum number of years prac-
ticable to enable the lessee to secure financing for 
any necessary improvements to the Resort, taking 
into account the financial obligations of CBI, but in 
any event shall not exceed 40 years; 
(3) prohibit any transfer, assignment or sale of 
the lease or otherwise convey or pledge any interest 
in the lease without prior written notification to and 
approval by the Secretary; 
(4) prohibit any increase in the number of 
guest accommodations available at the Resort; 
(5) prohibit any increase in the overall size of 
the Resort; 
(6) prohibit the sale of partial ownership shares 
or timeshares in the Resort; 
(7) be designed to facilitate transfer of all prop-
erty covered by the lease to Federal administration 
upon expiration of the lease; and
(8) include any other provisions determined by 
the Secretary to be necessary to protect the Park 
and the public interest. 
(d) APPRAISALS.—The Secretary shall require ap-
praisals to determine the fair market value of all property 
covered by the RUE and any property, including the value, 
if any, of the surrendered term of the RUE, owned by 
CBI to be donated, or otherwise conveyed, to the National 
Park Service. Such appraisals shall be conducted pursuant 
to the Uniform Appraisal Standards for Federal Land Ac-
quisition. 
(e) COMPENSATION.— 
(1) IN GENERAL.—The lease authorized by this 
Act shall— 
(A) require payment to the United States 
of the property’s fair market value rent, taking 
into account the value of any associated prop-
erty transferred by CBI as well as the value, if 
any, of the surrendered term of the RUE; 
(B) include a provision— 
(i) 
allowing 
recalculation 
of 
the 
amount of the payment required under this 
subsection, at the request of the Secretary 
or CBI, in the event of extraordinary un-
anticipated changes in conditions antici-
pated at the time the lease was finalized; 
and 
(ii) providing for binding arbitration 
in the event the Secretary and CBI are un-
able to agree upon an adjustment to the 
payment in these circumstances. 
(2) DISTRIBUTION.—Eighty percent of the pay-
ment to the United States required by this sub-
section shall be available to the Secretary, without 
further appropriation, for expenditure within the 
Park. The remaining twenty percent shall be depos-
ited in the Treasury. 
(3) APPLICABILITY OF CERTAIN LAW.—Section 
321 of the Act of June 30, 1932 (40 U.S.C. 1302), 
relating to the leasing of buildings and property of 
the United States, shall not apply to the lease en-
tered into by the Secretary pursuant to this Act. 
SEC. 3. RETAINED USE ESTATE. 
As a condition of the lease, CBI shall relinquish to 
the Secretary all rights under the RUE and transfer, with-
out compensation, ownership of improvements covered by 
the RUE to the United States. 
Passed the House of Representatives March 4, 
2008. 
Attest: 
Clerk.