Chester County Reversionary Interest Release Act
This bill directs the Department of Agriculture (USDA) to release the reversionary interest of the United States in a 0.62-acre parcel of land in Chickasaw State Forest in Tennessee (the state forest land), if, as consideration for the release, Tennessee agrees to transfer to the United States a vested future interest in the 0.90-acre parcel known as the Webb property that is similar to the reversionary interest in order to facilitate a land exchange between Bethel Baptist Church in Henderson, Tennessee, and the state.
As soon as the state has complied with specified requirements concerning the deed for the state forest land, USDA shall convey to the state the undivided mineral interest of the United States in such land.
Additionally, USDA must determine the mineral character of the state forest land and the fair market value of the U.S. mineral interests no more than 90 days after enactment of this bill. Tennessee must pay the United States the fair market value of the mineral interests.