To provide for the conveyance of certain real property by the Administrator of General Services.

January 7, 2003

Ms. ROS-LEHTINEN introduced the following bill; which was referred to the Committee on Government Reform

To provide for the conveyance of certain real property by the Administrator of General Services.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. CONVEYANCE OF LAND.

(a) CONVEYANCE BY SALE- The Administrator of General Services (in this Act referred to as the `Administrator') shall convey by sale, to the City of Key West, Florida, or the Monroe County Land Authority, Monroe County, Florida, all right, title, and interest in and to the parcel of land known as the Poinciana Plaza Housing property and located in the City of Key West, Florida (in this Act referred to as the `property') .

(b) CONSIDERATION- As a condition of the conveyance authorized under subsection (a), the grantee shall pay as consideration for the conveyance $2,500,000. The net proceeds received by the Administrator as payment pursuant to this subsection shall be deposited into the Department of Defense Base Closure Account 1990.

(c) DESCRIPTION OF PROPERTY- The exact acreage and legal description of the property to be conveyed pursuant to subsection (a) shall be determined by a survey that is satisfactory to the Administrator. The cost of such survey shall be borne by the grantee.

(d) USE RESTRICTIONS- For a period of not less than 30 years that begins upon the conveyance pursuant to subsection (a)--

(1) the property shall be used exclusively to provide housing and housing assistance for low- and moderate-income individuals and families;

(2) not less than 60 percent of the dwelling units in the property shall be available only for occupancy by low-income individuals and families; and

(3) not more than 40 percent of the dwelling units in the property shall be available only for occupancy by moderate-income individuals and families. The Administrator shall include the restrictions under this subsection in the deed conveying the property and shall enter into any other such legally binding agreements as may be necessary to ensure compliance with this subsection.

(e) REVERSIONARY INTEREST- If, during the 30-year period referred to in subsection (d), the Secretary of Housing and Urban Development determines that the property is not being used and occupied in accordance with subsection (d), all right, title, and interest in and to the property, including any improvements thereon, shall revert to the United States. Upon such reversion, the United States shall immediately proceed to a public sale of the property.

(f) SALES OR RECONVEYANCE- If, during the 30-year period referred to in subsection (d), the grantee sells or reconveys any part or all of the property, the proceeds shall be returned to the United States and deposited into the Department of Defense Base Closure Account 1990.

(g) ADDITIONAL TERMS AND CONDITIONS- The Administrator may require such additional terms and conditions in connection with the conveyance under subsection (a) as the Administrator considers appropriate to protect the interest of the United States, including the recoupment of profits derived through a change in the legally permissible development.

END