Reversionary Interest Conveyance Act
Summary
This legislation proposes to direct the Bureau of Land Management to sell the federal government's reversionary interest in approximately 8.43 acres of land located in Sacramento, California. A reversionary interest means the federal government currently holds a legal right to take back ownership of the land if certain conditions are not met. By selling this interest, the government would permanently relinquish those rights, giving the private or local owner full control over the property without federal strings attached.
If enacted, the current landowner would have two years to request the purchase. The buyer would be required to pay at least the fair market value for the interest, as well as all administrative costs, including surveys and appraisals. The money collected from this sale would be deposited into the Federal Land Disposal Account, which is typically used by the government to acquire other high-priority lands for public use or conservation. This bill would effectively complete the transfer of this specific parcel into non-federal hands while ensuring taxpayers are compensated for the value of the legal claim.