,,ib  ,union ,calendar ,no4 #haf  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#dgca  ,report ,no4 #aae-ajdi  ,,in     
,,the ,,house ,,of ,,representatives    
,december #ba1 #bjag ,ms4 ,plaskett     
introduced the following bill2 which was
 referred to the ,committee on ,natural 
,resources  ,november #bg1 #bjah        
,reported with an amendment1 committed  
to the ,committee of the ,whole ,house  
on the ,state of the ,union1 and ordered
 to be printed ,strike out all after the
 enacting clause and insert the part    
printed in italic ,for text of          
introduced bill1 see copy of bill as    
introduced on ,december #ba1 #bjag  ,a  
,,bill  ,to extend the retained use     
estate for the ,caneel ,bay resort in   
,st4 ,john1 ,united ,states ,virgin     
,islands1 and for other purposes4  #a4  
,extension of retained use estate  7a7  
,extension required ,not later than #ij 
days after a request by the grantor1 the
 ,secretary of the ,interior shall      
extend the retained use estate in       

accordance with this section4  7b7      
,requirements ,the extension under      
subsection 7a7 shall-- 7#a7 except as   
provided in paragraph 7#b71 be effective
 for the #fj-year period beginning on   
the date the retained use estate would1 
but for the extension under this        
section1 expire2  7#b7 be subject to the
 terms of the retained use estate1      
including the right of the grantor to   
terminate the retained use estate in    
accordance with the terms thereof2 and  
7#c7 require the grantor to pay to the  
,united ,states1 in quarterly           
installments for the period of the      
extension1 fair market value rental for 
use of the premises for operation and   
management of resort facilities and     
services in an amount equal to--  7,a7  
for each of the first #ae years of the  
extension1 a percentage of the gross    
revenues of the resort in accordance    
with subsections 7c7 and 7d7 to be      
determined no later than #ij days after 
the date on which the extension is      

granted under subsection 7a7 by--  7i7 a
 written agreement between the          
,secretary and the grantor2 or  7ii7 if 
the ,secretary and the grantor are      
unable to agree on such a percentage by 
the date that the extension is granted  
under subsection 7a71 through binding   
arbitration using procedures specified  
in section #ea4ea of title #cf1 ,code of
 ,federal ,regulations2 and  7,b7 for   
each year of the extension thereafter1  
the amount determined under subparagraph
 7,a71 except that--  7i7 such amount   
shall be adjusted if requested by the   
,secretary or the grantor2  7ii7 any    
such adjustment shall be determined--   
7,i7 through a written agreement between
 the ,secretary and the grantor2 or     
7,,ii7 if the ,secretary and the grantor
 are unable to agree on such an         
adjustment after a #fj-;day period for  
negotiation 7or a longer period for     
negotiation agreed upon by the          
,secretary and the grantor71 through    
binding arbitration between the         

,secretary and the grantor using the    
arbitration procedures specified in     
section #ea4ea of title #cf1 ,code of   
,federal ,regulations2 and  7iii7 no    
more than one adjustment may be made    
under this subparagraph in any #ae-year 
period4  7c7 ,calculation of fair market
 value rental ,the initial payment      
required under subsection 7b77#c77;,a7  
and any adjustment under subsection     
7b77#c77;,b7 shall reflect the fair     
market value of a land lease for hotel  
use1 as determined by an appraisal by an
 independent qualified appraiser who is 
selected jointly by the ,secretary and  
the grantor and shall reflect--  7#a7   
any restrictions on the use of the      
property or terms of the retained use   
estate that limit the value or highest  
and best use of the property2  7#b7 any 
amounts expended or to be expended by   
the grantor for preservation1           
maintenance1 restoration 7including site
 restoration71 improvement 7including   
construction71 or repair and related    

expenses to the extent that such amounts
 are for the resort2 and  7#c7 the      
remaining term of the extended retained 
use estate4  7d7 ,payments ,payments    
under subsection 7b77#c7 shall--  7#a7  
be due-- 7,a7 except as provided in     
subparagraph 7,b71 #fj days after the   
end of the applicable quarter2 and  7,b7
 in the case of the last quarter of each
 calendar year 7or the last quarter     
before the retained use estate expires71
 #ij days after the end of the calendar 
year 7or the end of the retained use    
estate in the year that the retained use
 estate expires72  7#b7 be based on     
actual gross revenues for the preceding 
quarter2  7#c7 in the case of a payment 
due under paragraph 7#a77;,b71 include  
any adjustment that may be required     
after an audit of the gross annual      
revenues for the preceding year2 and    
7#d7 be deposited into the ,general     
,treasury4  7e7 ,definitions ,in this   
section--  7#a7 each of the terms       
retained use estate and resort has the  

meaning given such term in section #a of
 ,public ,law #aaa-bfa 7#af ,u4,s4,c4   
#cih;d note72 and  7#b7 the term grantor
 means the holder of the retained use   
estate4  ,november #bg1 #bjah ,reported 
with an amendment1 committed to the     
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed