Official Summary

5/15/2012--Public Law. (This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.) Authorizes the Administrator of General Services (GSA) to offer to enter into a binding agreement with the city of Tracy, California, un

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Official Summary

5/15/2012--Public Law. (This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.) Authorizes the Administrator of General Services (GSA) to offer to enter into a binding agreement with the city of Tracy, California, under which the Administrator may convey to the city any reversionary interest retained by the United States in a specified parcel of land conveyed to the city for educational or recreational purposes and all other terms, conditions, reservations, and restrictions imposed in connection with the conveyance of such parcel. Requires the city to pay to the Administrator not less than the appraised fair market value of the parcel, as determined by the Administrator pursuant to an appraisal, based on the highest and best use of the parcel. Treats such determination regarding the value of such parcel as being final. Makes the city responsible for reimbursing the Administrator for costs associated with the implementation of this Act, including the costs of each applicable appraisal and survey. Requires the net proceeds from such conveyance to be deposited into the Federal Buildings Fund and made available for expenditure for any lawful purpose consistent with the Administrator's authority. Prohibits anything in this Act from affecting or limiting the application of or obligation to comply with any environmental law.

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