Conveyance of real property in Galveston, Texas, to Galveston Historical Foundation

(a)

Conveyance

Not later than 90 days after the date of enactment of this Act, the Administrator of General Services shall offer to convey, by quitclaim deed, to the Galveston Historical Foundation all right, title, and interest of the United States in and to the parcel of real property located at 502 20th Street in Galveston, Texas, including the improvements thereon. (b)

Consideration

As consideration for conveyance of the parcel under subsection (a), the Administrator shall require the Galveston Historical Foundation to pay to the Administrator the fair market value of the parcel, as determined based on an appraisal that is acceptable to the Administrator. (c)

Costs of conveyance

The Galveston Historical Foundation shall be responsible for the costs of an appraisal conducted under subsection (b) and for all other costs related to the conveyance. (d)

Proceeds

(1)

Deposit

Any proceeds received under subsection (b) shall be paid into the Federal Buildings Fund established under section 592 of title 40, United States Code. (2)

Expenditure

Amounts paid into the Federal Buildings Fund under paragraph (1) shall be available to the Administrator, in amounts specified in appropriations Acts, for expenditure for any lawful purpose consistent with existing authorities granted to the Administrator, except that the Administrator shall provide to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Environment and Public Works of the Senate 30 days advance written notice of any expenditure of the proceeds. (e)

Additional terms and conditions

The Administrator may require that any conveyance under subsection (a) be subject to such additional terms and conditions as the Administrator considers appropriate to protect the interests of the United States.