S. 1405 would ratify and direct the Department of the Interior (DOI) to implement, within 45 days of enactment, an agreement with the state of Utah. Under the agreement, DOI and the state would exchange about 170,000 acres of land of approximately equal value. Under the bill, any state land conveyed to the federal government would be withdrawn from mining, mineral, and geothermal leasing laws, subject to valid existing rights.
The bill would require the exchanged land to be appraised within 18 months of the exchange and for the state and DOI to equalize any disparity in the value of the land exchanged by conveying additional land, as necessary. The cost of the appraisal would be shared by DOI and the state. CBO estimates DOI also would incur administrative costs to facilitate the land transfer. Using information from DOI, CBO estimates that the federal costs to complete the exchange would not exceed $500,000; that spending would be subject to the availability of appropriated funds.