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 Resort. (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 donated 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 resources and values of the Park as well as the best interests of the Resort; (2)be for the minimum number of years practicable 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 property 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 appraisals 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 Acquisition. (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 property 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 unanticipated changes in conditions anticipated at the time the lease was finalized; and (ii)providing for binding arbitration in the event the Secretary and CBI are unable to agree upon an adjustment to the payment in these circumstances. (2)

Distribution

Eighty percent of the payment to the United States required by this subsection shall be available to the Secretary, without further appropriation, for expenditure within the Park. The remaining twenty percent shall be deposited 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 entered into by the Secretary pursuant to this Act.