This Act aims to allow the conveyance of United States interests in approximately 8.43 acres of land in Sacramento, California, to buyers upon request. The buyer must be the owner of record of the parcels included in the covered land at the time of the requested conveyance. The Secretary of the Interior shall offer the reversionary interest to the buyer at fair market value and the proceeds from the sale will be deposited in the Federal Land Disposal Account. The Act also outlines the statutory construction concerning the right-of-way associated with the covered land and the validation of any rights or interests in the land.
Reversionary Interest Conveyance Act
This bill directs the Bureau of Land Management (BLM) to offer to sell the reversionary interest of the United States in approximately 8.43 acres of land in Sacramento, California, as generally depicted on a specified map dated November 7, 2022. Within two years of receiving a request from the owner of the land, the BLM must offer the reversionary interest and convey the reversionary interest to the buyer upon payment. The payment must be in an amount that is at least the fair market value of the reversionary interest. The buyer must also pay all costs related to the applicable conveyance of the reversionary interest, including all surveys, appraisals, and other administrative costs.
The bill subjects the conveyance to valid existing rights.
The proceeds from the sale must be deposited into Federal Land Disposal Account.