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H.R. 5167, a Bill to Direct the Secretary of the Interior to Convey Certain Federal Property Located in the National Petroleum Reserve in Alaska to the Olgoonik Corporation, an Alaska Native Corporation Established under the Alaska Native Claims Settlement Act [i] (October 9, 2014)

handle is hein.congrec/cbo1925 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE 0 COST ESTIMATE October 9, 2014 H.R. 5167 A bill to direct the Secretary of the Interior to convey certain federal property located in the National Petroleum Reserve in Alaska to the Olgoonik Corporation, an Alaska Native Corporation established under the Alaska Native Claims Settlement Act As ordered reported by the House Committee on Natural Resources on September 18, 2014 H.R. 5167 would direct the Bureau of Land Management (BLM) to sell 1,500 acres of federal land in Alaska to the Olgoonik Corporation. The corporation was established to administer land and financial assets awarded to certain Alaska Natives in settlements with the federal government. Based on information provided by BLM, CBO estimates that enacting the bill would increase offsetting receipts, which are treated as reductions in direct spending, by $1 million in 2015. Because enacting the bill would affect direct spending, pay-as-you-go procedures apply. Enacting the bill would not affect revenues. Based on information provided by BLM, CBO expects that, under current law, the affected lands, which are located in the National Petroleum Reserve in Alaska and surrounded by lands owned by the Olgoonik Corporation, would not generate offsetting receipts over the next 10 years. Under the bill, the Olgoonik Corporation would be required to pay fair market value to purchase the affected lands. Based on information regarding the value of similar lands located in remote portions of Alaska, CBO estimates that the affected lands would be worth between $500 and $1,000 per acre, and we estimate that the sale of those lands would increase offsetting receipts by about $1 million in 2015. H.R. 5167 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. The land conveyance authorized by the bill would benefit the Olgoonik Corporation. The CBO staff contact for this estimate is Jeff LaFave. The estimate was approved by Theresa Gullo, Deputy Assistant Director for Budget Analysis.

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