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I 115TH CONGRESS 1ST SESSION H. R. 4731 To extend the retained use estate for the Caneel Bay resort in St. John, United States Virgin Islands, and for other purposes. IN THE HOUSE OF REPRESENTATIVES DECEMBER 21, 2017 Ms. PLASKETT introduced the following bill; which was referred to the Committee on Natural Resources A BILL To extend the retained use estate for the Caneel Bay resort in St. John, United States Virgin Islands, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. EXTENSION OF RETAINED USE ESTATE. 3 (a) EXTENSION REQUIRED.—Not later than 90 days 4 after a request by the grantor, the Secretary of the Inte- 5 rior shall extend the retained use estate in accordance with 6 this section. 7 (b) REQUIREMENTS.—The extension under sub- 8 section (a) shall— 9 VerDate Sep 11 2014 16:29 Dec 23, 2017 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H4731.IH H4731 ethrower on DSK3G9T082PROD with BILLS 2 •HR 4731 IH (1) except as provided in paragraph (2), be ef- 1 fective for the 60-year period beginning on the date 2 the retained use estate would, but for the extension 3 under this section, expire; 4 (2) be subject to the terms of the retained use 5 estate, including the right of the grantor to termi- 6 nate the retained use estate in accordance with the 7 terms thereof; and 8 (3) require the grantor to pay to the United 9 States, in quarterly installments for the period of 10 the extension, fair market value rental in an amount 11 equal to— 12 (A) for each of the first 15 years of the ex- 13 tension, 1.2 percent of the gross revenues of the 14 resort in accordance with subsection (c); and 15 (B) for each year of the extension there- 16 after, the amount determined under subpara- 17 graph (A), except that— 18 (i) such amount shall be adjusted if 19 requested by the Secretary or the grantor; 20 (ii) any such adjustment shall be de- 21 termined— 22 (I) through an agreement be- 23 tween the Secretary and the grantor; 24 or 25 VerDate Sep 11 2014 16:29 Dec 23, 2017 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4731.IH H4731 ethrower on DSK3G9T082PROD with BILLS 3 •HR 4731 IH (II) if the Secretary and the 1 grantor are unable to agree on such 2 an adjustment after a 60-day period 3 for negotiation (or a longer period for 4 negotiation agreed upon by the Sec- 5 retary and the grantor), through bind- 6 ing arbitration between the Secretary 7 and the grantor using the arbitration 8 procedures specified in section 51.51 9 of title 36, Code of Federal Regula- 10 tions; 11 (iii) such adjustment shall take into 12 account any amounts expended or to be ex- 13 pended by the grantor for preservation, 14 maintenance, restoration, improvement, or 15 repair and related expenses specified in 16 section 102102(d)(2) of title 54, United 17 States Code, to the extent such amounts 18 are for the resort; and 19 (iv) no more than one adjustment may 20 be made under this subparagraph in any 21 15-year period. 22 (c) PAYMENTS.—Payments under subsection (b)(3) 23 shall— 24 (1) be due— 25 VerDate Sep 11 2014 16:29 Dec 23, 2017 Jkt 079200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4731.IH H4731 ethrower on DSK3G9T082PROD with BILLS 4 •HR 4731 IH (A) except as provided in subparagraph 1 (B), 60 days after the end of the applicable 2 quarter; and 3 (B) in the case of the last quarter of each 4 calendar year (or the last quarter before the re- 5 tained use estate expires), 90 days after the end 6 of the calendar year (or the end of the retained 7 use estate in the year that the retained use es- 8 tate expires); 9 (2) be based on actual gross revenues for the 10 preceding quarter; 11 (3) in the case of a payment due under para- 12 graph (1)(B), include any adjustment that may be 13 required after an audit of the gross annual revenues 14 for the preceding year; and 15 (4) be deposited into the General Treasury. 16 (d) DEFINITIONS.—In this section— 17 (1) each of the terms ‘‘retained use estate’’ and 18 ‘‘resort’’ has the meaning given such term in section 19 1 of Public Law 111–261 (16 U.S.C. 398d note); 20 and 21 (2) the term ‘‘grantor’’ means the holder of the 22 retained use estate. 23 Æ VerDate Sep 11 2014 16:29 Dec 23, 2017 Jkt 079200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H4731.IH H4731 ethrower on DSK3G9T082PROD with BILLS