Authorizes the Administrator of General Services (GSA) to offer to enter into a binding agreement with the city of Tracy, California, under which the Administrator may convey to the city any reversionary interest retained by the United States in a specified parcel of land conveyed to the city for educational or recreational purposes and all other terms, conditions, reservations, and restrictions imposed in connection with the conveyance of such parcel.
Requires the city to pay to the Administrator not less than the appraised fair market value of the parcel, as determined by the Administrator pursuant to an appraisal, based on the highest and best use of the parcel. Makes such determination regarding the value of such parcel final.
Makes the city responsible for reimbursing the Administrator for costs associated with the implementation of this Act, including the costs of each applicable appraisal and survey.
Requires the net proceeds from such conveyance to be deposited into the Federal Buildings Fund and made available for expenditure for any lawful purpose consistent with the Administrator's authority.
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