Entitles the University of Alaska to select up to 250,000 acres of Federal lands or interests in lands in or adjacent to Alaska as a land grant and directs the Secretary of the Interior to convey to the University the Federal lands selected and approved in accordance with this Act. Sets forth requirements regarding permissible and impermissible selections. Requires as a condition of the grant that the University relinquish to the Secretary certain land holdings.
Allows the University, after receiving evidence of ownership from the State, to additionally select up to 250,000 acres of Federal lands or interests in or adjacent to Alaska to be conveyed as a matching grant for any lands received from the State after February 1, 2005.