Page:United States Statutes at Large Volume 112 Part 3.djvu/388

 112 STAT. 2218 PUBLIC LAW 105-261—OCT. 17, 1998 conveyed to the State under paragraph (1) and title II of the Defense Authorization Amendments and Base Closure and Realignment Act (Public Law 100-526; 10 U.S.C. 2687 note).". SEC. 2844. LAND CONVEYANCE, VOLUNTEER ARMY AMMUNITION PLANT, CHATTANOOGA, TENNESSEE. (a) CONVEYANCE AUTHORIZED. —The Secretary of the Army may convey to Hamilton County, Tennessee (in this section referred to as the "County), all right, title, and interest of the United States in and to a parcel of real property, including improvements thereon, consisting of approximately 1,033 acres located at the Volunteer Army Ammunition Plant, Chattanooga, Tennessee, for the purpose of developing the parcel as an industrial park to replace all or part of the economic activity lost at the inactivated plant. (b) CONSIDERATION.— Except as provided in subsection (d), as consideration for the conveyance under subsection (a), the County shall pay to the Secretary an amount equal to the fair market value of the conveyed property as of the time of the conveyance, determined by the Secretary in accordance with Federal appraisal standards and procedures. (c) TIME FOR PAYMENT. —The consideration required under subsection (b) shall be paid by the County at the end of the 10- year period beginning on the date on which the conveyance under subsection (a) is completed. (d) EFFECT OF RECONVEYANCE OR LEASE.— (1) If the County reconveys all or any part of the conveyed property during the 10-year period specified in subsection (c), the County shall pay to the United States an amount equal to the fair market value of the reconveyed property as of the time of the reconveyance, excluding the value of any improvements made to the property by the County, determined by the Secretary in accordance with Federal appraisal standards and procedures. (2) The Secretary may treat a lease of the property within such 10-year period as a reconveyance if the Secretary determines that the lease is being used to avoid application of paragraph (1). (e) DEPOSIT OF PROCEEDS.—The Secretary shall deposit any proceeds received under subsection (b) or (d) in the special account established pursuant to section 204(h)(2) of the Federal Property and Administrative Services Act of 1949 (40 U.S.C. 485(h)(2)). (f) EFFECT ON EXISTING LEASES. —The conveyance of the real property under subsection (a) shall not affect the terms or length of any contract entered into by the Secretary before the date of the enactment of this Act with regard to the property to be conveyed. (g) ADMINISTRATIVE EXPENSES.— In connection with the convey- ance under subsection (a), the Secretary may accept amounts provided by the County or other persons to cover administrative expenses incurred by the Secretary in making the conveyance. Amounts received under this subsection for administrative expenses shall be credited to the appropriation, fund, or account from which the expenses were paid. Amounts so credited shall be merged with funds in such appropriation, fund, or account and shall be available for the same purposes and subject to the same limitations as the funds with which merged. (h) DESCRIPTION OF PROPERTY. — The exact acreage and legal description of the property to be conveyed under subsection (a)

�