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RCED-84-127 1 (1984-03-27)

handle is hein.gao/gaobabels0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Chairman, Subcommittee On Environment, Energy And Natural Resources Committee On Government Operations House Of Representatives OF THE UNITED STATES The Bureau Of Land Management Should Follow Fair Market Value Requirements In Selling Land In Las Vegas, Nevada The Santini-Burton Act of 1980 directs the sale of public land managed by the Department of the Interior's Bureau of Land Management in the Las Vegas, Nevada, area and the acquisition of environmentally sensitive land in the Lake Tahoe Basin by the Department of Agriculture's Forest Service. The Bureau's first two Las Vegas land auctions held in September 1981 and December 1982 were unsuccessful--only 2-1/2 acres out of 1,000 were sold, yielding only $37,600. To stimulate more sales, the Bureau reduced the appraised fair market value of 460 acres offered for sale on May 12, 1983. The reduced prices were only in effect for the day of sale. Afterwards, the unsold land would still be available for sale, but at appraised fair market value. Sixty-eight acres sold during the 1 -day sale for $1 .1 million. This amount was $173,000 less than the appraised fair market value. The use of a 1 -day marketing period to justify a reduction in the land's fair market value does not comply with applicable requirements. GAO recommends that the Bureau appraise and sell land in Las Vegas, Nevada, in accordance with federal fair market value requirements. The report also points out that the Forest Service's acquisition of LakeTahoe land has not been affected by the slow pace of Las Vegas land sales. For fiscal years 1982 through 1984, the Congress directly appropriated $27 million for land acquisition from the Land and Water Conservation Fund. Receipts from Las Vegas land sales are to be used to replenish the Fund before fiscal year 1995. 123786 0 GAO/RCED-84-1 27 '10COUN 0 Q ,Z March 27,1984

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