before the date of the conveyance, by an appraisal
conducted in conformance with the Uniform Stand-
ards of Professional Appraisal Practice.
(3) RIGHT OF FIRST REFUSAL.—If the highest
bidder is a person other than CFRA, CFRA shall
have the right to match the highest bid and pur-
chase the Properties 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 or
CFRA shall give each leaseholder of record of
a Property conveyed under this section an op-
tion to purchase the Property at fair market
value as determined under 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 provided the op-
portunity to continue to lease the Property
for fair market value rent under the same
terms and conditions as apply under the
existing lease for the property, 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 Property, the Purchaser shall com-
pensate the Lessee for the fair market
value, as determined pursuant to cus-
tomary appraisal procedures, of all im-
provements made to the Property. The
Lessee may sell the improvements to the
Purchaser 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 Property descriptions and historical use
restrictions for the leaseholds.
(3) CFRA PURCHASES.—
(A) CONVEYANCE IN LIEU OF PAYMENT.—
If CFRA is the highest bidder, or matches the
highest bid, it may convey to the Trust in lieu
of payment, the fee title to any Property not
purchased by a Lessee under paragraph (1).
The value of each Property contribution under
this paragraph shall be the fair market value of
the Property under this section.
(B) CONTINUATION OF LEASES.—
(i) IN
GENERAL.—The Trust shall
allow a Lessee that is unable or unwilling
to purchase a Property under paragraph
(1) to continue to lease the Property pur-
suant to the terms and conditions of the
lease in effect for the Property on the date
of enactment of this Act.
(ii) RENTAL PAYMENTS.—All rents re-
ceived during the continuation of a lease
under clause (i) shall be paid to the Trust.
(iii) LIMITATION ON RIGHT TO TRANS-
FER
LEASE.—Subject to valid existing
rights, a Lessee may not sell or otherwise
assign or transfer the leasehold without
purchasing the Property from the Trust
and conveying the fee interest in the Prop-
erty.
(C) CONVEYANCE BY TRUST.—All convey-
ances of a Property and any related parcels
under subsection (b)(1)(B) by the Trust shall
be at fair market value as determined by a new
appraisal, but in no event may the Trust convey
any Property to a Lessee for an amount less
than the value established for the Property by
the appraisal conducted pursuant to subsection
(c)(2).
(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.—If a Lessee pur-
chases a Property from the Purchaser or CFRA, the Sec-
retary, upon request by the Lessee, shall have the convey-
ance documents prepared in the Lessee’s name or names
in order to minimize the time and documents required to
complete the closing for the Property.
(i) COSTS.—The Lessee shall reimburse CFRA for a
proportionate share of the costs to CFRA of completing
the transactions contemplated by this Act, including any
interest charges.
(j) COSTS.—The Lessee shall reimburse the Trust for
a proportionate share of the costs to the Trust of complet-
ing the transactions contemplated by this Act, including
any interest charges. In addition, the Lessee shall reim-
burse the Trust for costs, including costs of the new ap-
praisal, associated with conveying the Property from the
Trust to the Lessee.
SEC. 5. AGREEMENT.
(a) REQUIREMENT.—Not later than 6 months after
the date of the enactment of this Act, the Secretary, acting
through the Bureau of Reclamation, shall negotiate and
enter into an agreement with the Broadwater County,
Montana, Board of Commissioners to transfer to the
Board the authority to manage the Silo’s recreation area.
The Secretary shall grant easements to the Board for ac-
cess roads to the area.
(b) EIS AND SAFETY ANALYSIS.—Not later than 6
months after the date of the enactment of this Act, the
Secretary, acting through the Bureau of Reclamation,
shall assess the need for creating a harbor adjacent to the
eastern shore of the south half of the Reservoir.
SEC. 6. USE OF PROCEEDS.
(a) IN GENERAL.—Proceeds of conveyances under
this Act shall be available as follows:
(1) 10 percent of the proceeds shall be applied
by the Secretary of the Treasury to reduce the out-
standing debt for the Pick-Sloan project at Canyon
Ferry Reservoir.
(2) 45 percent of the proceeds shall be depos-
ited into a separate account in the Treasury and
shall be available to the Secretary, subject to appro-
priations, for purchasing land or conversion ease-
ments in the State of Montana.
(3) 45 percent of the proceeds shall be available
without further appropriation to the Canyon Ferry
Lake Trust established under subsection (b), for the
purposes of enhancing recreation, fisheries, and con-
servation in and around the Reservoir.
(b) CANYON FERRY LAKE TRUST.—
(1) IN GENERAL.—The County Commissions of
Broadwater County and Lewis and Clark County,
Montana, may jointly establish in accordance with
this subsection a perpetual public trust for purposes
of this Act. The trust shall be known as the ‘‘Can-
yon Ferry Lake Trust’’. The corpus of the Trust
shall consist of amounts made available under sub-
section (a)(3).
(2) REQUIREMENTS.—A trust established under
this subsection must—