§306121. Lease or exchange

§306121. Lease or exchange

(a) Authority To Lease or Exchange.—Notwithstanding any other provision of law, each Federal agency, after consultation with the Council—

(1) shall, to the extent practicable, establish and implement alternatives (including adaptive use) for historic property that is not needed for current or projected agency purposes; and

(2) may lease historic property owned by the agency to any person or organization, or exchange any property owned by the agency with comparable historic property, if the agency head determines that the lease or exchange will adequately ensure the preservation of the historic property.

(b) Proceeds of Lease.—Notwithstanding any other provision of law, the proceeds of a lease under subsection (a) may be retained by the agency entering into the lease and used to defray the costs of administration, maintenance, repair, and related expenses incurred by the agency with respect to that property or other property that is on the National Register that is owned by, or are under the jurisdiction or control of, the agency. Any surplus proceeds from the leases shall be deposited in the Treasury at the end of the 2d fiscal year following the fiscal year in which the proceeds are received.

Statutory Notes and Related Subsidiaries

Historic Lease Process Simplification

Pub. L. 105–391, title VIII, §802(b), Nov. 13, 1998, 112 Stat. 3523, provided that: "The Secretary is directed to simplify, to the maximum extent possible, the leasing process for historic properties with the goal of leasing available structures in a timely manner."

[For "Secretary" as used in section 802(b) of Pub. L. 105–391, set out above, as meaning the Secretary of the Interior, see section 2 of Pub. L. 105–391, Nov. 13, 1998, 112 Stat. 3498, which was classified to section 5901 of Title 16, Conservation, prior to repeal by Pub. L. 113–287.]