S. 2498 — National Park System Long-Term Lease Investment Act

This section authorizes the Secretary of the Interior to extend National Park Service leases under 36 CFR part 18 without competitive bidding requirements if the lessee has held the lease for at least 5 years, remains in compliance, and the extension serves the interests of the park unit. Before any extension, the Secretary must publish a 60-day notice inviting competing letters of interest and evaluate them against the incumbent. Extensions longer than 10 years require 30 days’ prior notice to the Senate and House natural resources committees. The section also requires a mid-term compliance review and authorizes termination for noncompliance.

This section authorizes the Secretary to enter into leases of up to 99 years for redeveloping National Park Service properties where expected costs exceed $100 million, if the Secretary determines the lease serves the best financial interests of the applicable park unit. For any such lease exceeding 60 years, the Secretary must submit the proposed lease to the Senate Committee on Energy and Natural Resources and the House Committee on Natural Resources at least 60 days before execution.