Detailed Summary

Authorizes the Secretary of the Interior to enter into a lease with CBI Acquisitions, LLC, governing the use of property for the continued management and operation of the Caneel Bay Resort on the island of St. John in Virgin Islands National Park.

Requires any lease entered into pursuant to this Act to include the property covered by the retained use estate entered into by the Jackson Hole Preserve and the United States on September 30, 1983, (the RUE) and any associated property owned by CBI donated to the National Park Service (NPS).

Sets forth provisions regarding: (1) the terms of the lease agreement; (2) appraisals to determine the fair market value of all property covered by the RUE and any property, including the value, if any, of the surrendered term of the RUE, owned by CBI to be donated, or otherwise conveyed, to the NPS; and (3) compensation to the United States of the property's fair market value rent. Makes 80% of such payment available for expenditure within Virgin Islands National Park.

Requires CBI, as a condition of the lease, to relinquish to the Secretary all rights under the RUE and to transfer, without compensation, ownership of improvements covered by the RUE to the United States.

Status of the Legislation

Latest Major Action: 6/17/2008: Senate committee/subcommittee actions. Status: Subcommittee on National Parks. Date of scheduled hearing. SD-366. 2:30 p.m.

Points in Favor

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Points Against

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