116 STAT. 2878 PUBLIC LAW 107-335—DEC. 16, 2002 Public Law 107-335 107th Congress An Act Dec. 16, 2002 To direct the Secretary of the Interior to convey certain properties in the vicinity [H R 706] of the Elephant Butte Reservoir and the Caballo Reservoir, New Mexico. Be it enacted by the Senate and House of Representatives of Lease Lot the United States of America in Congress assembled, Conveyance Act of 2002. SECTION 1. SHORT TITLE. This Act may be cited as the "Lease Lot Conveyance Act of 2002". SEC. 2. FINDINGS. The Congress finds that the conveyance of the Properties to the Lessees for fair market value would have the beneficial results of— (1) eliminating Federal payments in lieu of taxes and associated management expenditures in connection with the Government's ownership of the Properties, while increasing local tax revenues from the new owners; (2) sustaining existing economic conditions in the vicinity of the Properties, while providing the new owners of the Properties the security to invest in permanent structures and improvements; and (3) adding needed jobs to the county in which the Properties are located and increasing revenue to the county and surrounding communities through property and gross receipt taxes, thereby increasing economic stability and a sustainable economy in one of the poorest counties in New Mexico. SEC. 3. DEFINITIONS. In this Act: (1) FAIR MARKET VALUE.—The term "fair market value" means, with respect to a parcel of property, the value of the property determined— (A) without regard to improvements constructed by the Lessee of the property; (B) by an appraisal in accordance with the Uniform Standards for Federal Land Acquisitions; and (C) by an appraiser approved by the Secretary and the purchaser. (2) IRRIGATION DISTRICTS.—The term "Irrigation Districts" means the Elephant Butte Irrigation District and the El Paso County Water Improvement District No. 1. (3) LESSEE. —The term "Lessee" means the leaseholder of a Property on the date of enactment of this Act, and any
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