110 STAT. 2796 PUBLIC LAW 104-201—SEPT. 23, 1996 all permits, approvals, and site plan reviews required by law with respect to the construction on the parcel of a headquarters for operations of the Institute. (d) COSTS.— The Institute shall reimburse the Secretary for the costs incurred by the Secretary in carrying out the transfer specified in subsection (a). (e) DESCRIPTION OF PROPERTY. — The exact acreage and legal description of the property to be transferred under subsection (a) shall be determined by a survey that is satisfactory to the Secretary. The cost of the survey shall be borne by the Institute. SEC. 2832. LAND EXCHANGE, ST. HELENA ANNEX, NORFOLK NAVAL SHIPYARD, VIRGINLA. (a) CONVEYANCE AUTHORIZED.— (1) The Secretary of the Navy may convey to such private person as the Secretary considers appropriate (in this section referred to as the "transferee") all right, title, and interest of the United States in and to a parcel of real property that is located at the Norfolk Naval Shipyard, Virginia, and, as of the date of the enactment of this Act, is a portion of the property leased to the Norfolk Shipbuilding and Drydock Company pursuant to the Department of the Navy lease N00024- 84-1^0004, effective October 1, 1984, as extended. (2) Pending completion of the conveyance authorized by paragraph (1), the Secretary may lease the real property to the transferee upon such terms as the Secretary considers appropriate. (b) CONSIDERATION. — As consideration for the conveyance under subsection (a), including any interim lease authorized by such subsection, the transferee shall— (1) convey to the United States all right, title, and interest to a parcel or parcels of real property, together with any improvements thereon, located in the area of Portsmouth, Virginia, which are determined to be acceptable to the Secretary; and (2) pay to the Secretary an amount equal to the amount, if any, by which the fair market value of the parcel conveyed by the Secretary under subsection (a) exceeds the fair market value of the parcel conveyed to the United States under paragraph (1). (c) USE OF RENTAL AMOUNTS. — The Secretary may use the amounts received as rent from any lease entered into under the authority of subsection (a)(2) to fund environmental studies of the parcels of real property to be conveyed under this section. (d) IN-KIND CONSIDERATION. —The Secretary and the transferee may agree that, in lieu of all or any part of the consideration required by subsection (b)(2), the transferee may provide and the Secretary may accept the improvement, maintenance, protection, repair, or restoration of real property under the control of the Secretary in the area of Hampton Roads, Virginia. (e) DETERMINATION OF FAIR MARKET VALUE AND PROPERTY DESCRIPTION.— The Secretary shall determine the fair market value of the parcels of real property to be conveyed under subsections (a) and (b)(1). The exact acreage and legal description of the parcels shall be determined by a survey satisfactory to the Secretary. The cost of the survey shall be borne by the transferee. (f) ADDITIONAL TERMS AND CONDITIONS. — The Secretary may require such additional terms and conditions in connection with
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