II 111th CONGRESS 1st Session S. 508 IN THE SENATE OF THE UNITED STATES March 2, 2009 Mr. Ensign (for himself and Mr. Reid) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To provide for the conveyance of certain Bureau of Land Management land in the State of Nevada to the Las Vegas Motor Speedway, and for other purposes.

1.

Definitions

In this Act: (1)

Federal land

The term Federal land means the approximately 115 acres of Bureau of Land Management land identified on the map as Lands identified for Las Vegas Speedway Parking Lot Expansion. (2)

Map

The term map means the map entitled Las Vegas Motor Speedway Improvement Act, dated February 4, 2005, and on file in the Office of the Director of the Bureau of Land Management. (3)

Secretary

The term Secretary means the Secretary of the Interior.

2.

Conveyance of federal land to nevada speedway

(a)

In general

If, not later than 30 days after the date of completion of the appraisal required under subsection (b), Nevada Speedway, LLC, submits to the Secretary an offer to acquire the Federal land for the appraised value, notwithstanding the land use planning requirements of section 202 and 203 of the Federal Land Policy and Management Act of 1976 (43 U.S.C. 1712, 1713), the Secretary shall, not later than 45 days after the date of the offer, convey to Nevada Speedway, LLC, all right, title, and interest in and to the Federal land, subject to valid existing rights. (b)

Appraisal

(1)

In general

Not later than 120 days after the date of enactment of this Act, the Secretary shall complete an appraisal of the Federal land. (2)

Applicable law

The appraisal under paragraph (1) shall be conducted in accordance with— (A)the Uniform Appraisal Standards for Federal Land Acquisitions; and (B)the Uniform Standards of Professional Appraisal Practice. (3)

Costs

All costs associated with the appraisal required under paragraph (1) shall be paid by Nevada Speedway, LLC. (c)

Payment of consideration

Not later than 30 days after the date on which the Federal land is conveyed under subsection (a), as a condition of the conveyance, Nevada Speedway, LLC, shall pay to the Secretary an amount equal to the appraised value of the Federal land, as determined under subsection (b). (d)

Costs of conveyance

As a condition of the conveyance, any costs of the conveyance under subsection (a) shall be paid by Nevada Speedway, LLC. (e)

Reversion

If Nevada Speedway, LLC, or any subsequent owner of the Federal land conveyed under subsection (a), uses the Federal land for purposes other than a parking lot for the Nevada Speedway, all right, title, and interest in and to the land (and any improvements to the land) shall revert to the United States at the discretion of the Secretary. (f)

Disposition of proceeds

The Secretary shall deposit the proceeds from the conveyance of Federal land under subsection (a) in the Federal Land Disposal Account established under section 206(a) of the Federal Land Transaction Facilitation Act (43 U.S.C. 2305(a)).

3.

Withdrawal of federal land

Except as provided in section 2(a) and subject to valid existing rights, the Federal land is withdrawn from— (1)all forms of entry, appropriation, and disposal under the public land laws; (2)location, entry, and patent under the mining laws; and (3)operation of the mineral leasing, mineral materials, and geothermal leasing laws.