Exchange of land

(a) Exchange authorized Subject to the provisions of this Act, if BWLT offers to convey the non-Federal land to the United States, the Secretary shall, not later than 1 year after the date on which such offer is made— (1) accept the offer; (2) convey to BWLT all right, title, and interest of the United States in and to the Federal land, excepting and reserving an easement for road access to National Forest System land west of the Federal Parcel; and (3) accept from BWLT all right, title, and interest of BWLT in and to the non-Federal land. (b) Requirements The exchange under subsection (a) shall be— (1) conditioned on title approval for the non-Federal land by the Secretary in accordance with subsection (e); (2) conditioned on a cash equalization payment made by BWLT to the United States in accordance with subsection (c) if, under the appraisals conducted in accordance with this Act, it is determined that the value of the Federal land exceeds the value of the non-Federal land; (3) conditioned on the satisfactory completion of a Phase I Environmental Site Assessment by BWLT, provided to the Secretary, in advance of the acceptance of the non-Federal parcel; (4) subject to valid existing rights; and (5) subject to any other terms and conditions the Secretary determines appropriate. (c) Equal value and cash equalization (1) In general Except as provided in paragraph (2), the exchange under subsection (a) shall be for equal value or the values shall be equalized by a cash payment. (2) Exception Notwithstanding any other provision of law, if the appraised value of the non-Federal land to be conveyed to the United States exceeds the appraised value of the Federal land, a cash equalization payment by the United States to BWLT is hereby waived and the amount of such waived payment shall be considered a donation by BWLT to the United States for all purposes of law. (d) Appraisals (1) In general The value of the land to be exchanged under this Act shall be determined by appraisals conducted by an independent and qualified appraiser mutually agreed to by the Secretary and BWLT. (2) Appraisal standards The Secretary shall complete appraisals of the land to be exchanged under this Act in accordance with— (A) the Uniform Appraisal Standards for Federal Land Acquisitions; and (B) the Uniform Standards of Professional Appraisal Practice. (e) Format Title to the non-Federal land to be conveyed to the United States under this Act shall be found sufficient by the Secretary pursuant to section 3111 of title 40, United States Code. (f) Management of acquired land The non-Federal land acquired by the United States under subsection (a) shall be— (1) added to, and managed as part of, the Chippewa National Forest; and (2) managed in accordance with the laws, rules, and regulations pertaining to National Forest System lands. (g) Map and legal descriptions (1) In general As soon as practicable after the date of enactment of this Act, the Secretary shall finalize the Map and legal descriptions of all land to be conveyed under this Act. (2) Controlling document In the case of a discrepancy between the Map and a legal description, the Map shall control. (3) Corrections The Secretary and BWLT, by mutual agreement, may correct any minor errors in the Map or in the legal descriptions, including with respect to the boundaries of the Federal land and the non-Federal land. (4) Map on file The Map and legal descriptions shall be on file and available for public inspection in appropriate offices of the Forest Service. (h) Closing costs As a condition for the exchange under subsection (a), BWLT shall pay all closing costs associated with the exchange, including for— (1) title insurance and title search; (2) any applicable inspection fees, escrow fees, attorneys fees, and recording fees; and (3) any environmental analysis or resource survey required under Federal law, regulation, or policy, including a Phase I Environmental Site Assessment of the non-Federal land. (i) Survey (1) In general The exact acreages and legal descriptions of the Federal and non-Federal land to be exchanged under subsection (a) shall be determined by surveys satisfactory to the Secretary. (2) Costs of survey BWLT shall bear all costs associated with the surveys under paragraph (1).