This bill lets landowners in Sacramento buy back U.S. interests in their property, which could help them gain full control over their land. It ensures that the sale is fair and covers all necessary costs.
Reversionary Interest Conveyance Act This bill directs the Bureau of Land Management (BLM) to offer to sell the reversionary interest of the United States in approximately 8.43 acres of land in Sacramento, California, as generally depicted on a specified map dated November 7, 2022. Within two years of receiving a request from the owner of the land, the BLM must offer the reversionary interest and convey the reversionary interest to the buyer upon payment. The payment must be in an amount that is at least the fair market value of the reversionary interest. The buyer must also pay all costs related to the applicable conveyance of the reversionary interest, including all surveys, appraisals, and other administrative costs. The bill subjects the conveyance to valid existing rights. The proceeds from the sale must be deposited into Federal Land Disposal Account.
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