(a) Conveyance authorized
The Secretary of the Army may convey, without consideration, to the University of Tennessee System (in this section referred to as the University ) all right, title, and interest of the United States in and to parcels of real property, including any improvements thereon, at Milan Army Ammunition Plant, Tennessee, that consist of a total of approximately 5,000 acres for the purpose of permitting the University to use the parcels for education research.
(b) Revisionary interest
(1) Interest retained
(A) In general
If the Secretary of the Army determines at any time that the property conveyed to the University under subsection (a) is not being used in accordance with the purpose of the conveyance specified in such subsection, all right, title, and interest in and to the conveyed property, including any improvements thereon, shall, at the option of the Secretary, revert to and become the property of the United States, and the United States shall have the right of immediate entry onto the property.
(B) Determination
A determination by the Secretary of the Army under subparagraph (A) shall be made on the record after an opportunity for a hearing.
(2) Alternative consideration option
In lieu of exercising the reversionary interest retained under paragraph (1), the Secretary of the Army may accept an offer by the University to pay to the Secretary an amount equal to the fair market value of the property conveyed under subsection (a), excluding the value of any improvements on the conveyed property constructed without Federal funds after the date the conveyance is completed, as determined by the Secretary.
(c) Payment of costs of conveyance
The Secretary of the Army shall require the University to pay costs (except costs for environmental remediation of the property) to be incurred by the Secretary, or to reimburse the Secretary for such costs incurred by the Secretary, to carry out the conveyance authorized under subsection (a), including survey costs, appraisal costs, costs for environmental documentation related to the conveyance, and any other administrative costs related to the conveyance.
(d) Treatment of amounts received
(1) In general
Amounts received as reimbursement under subsection (c) or as alternative consideration under subsection (b)(2) shall be credited to the fund or account that was used to pay the costs incurred by the Secretary of the Army in carrying out the conveyance under subsection (a) or, if the period of availability of obligation for appropriations to that fund or account has expired, to the fund or account that is currently available to the Secretary for the same purpose.
(2) Merger of amounts
Amounts credited to a fund or account under paragraph (1) shall be merged with amounts in such fund or account and shall be available for the same purposes, and subject to the same conditions and limitations, as amounts in such fund or account.
(e) Description of property
The exact acreage and legal description of the parcels of real property to be conveyed under subsection (a) shall be determined by a survey satisfactory to the Secretary of the Army.
(f) Additional terms and conditions
The Secretary of the Army may require such additional terms and conditions in connection with the conveyance authorized by subsection (a) as the Secretary considers appropriate to protect the interests of the United States.