To provide for the exchange or sale of real property at the Tustin Marine Corps Air Station in the State of California under the Defense Base Closure and Realignment Act of 1990.

Directs the Secretary of Defense, notwithstanding specified provisions of the Defense Base Closure and Realignment Act of 1990, to either sell or exchange real property and facilities (except for family housing and related support facilities) as part of the closure of the Tustin Marine Corps Air Station, California. Directs the Secretary to apply the proceeds from the sale of such property and facilities to offset the cost of providing suitable beddown facilities at the Marine Corps Air Ground Combat Center at Twentynine Palms, California, or the Marine Corps Base and Air Station at Camp Pendleton, California, or both, to support the missions of specified Marine Aircraft groups.

Authorizes the Secretary to exchange the Tustin property and facilities for suitable replacement facilities at the Twentynine Palms or Camp Pendleton bases. Provides exchange conditions. Authorizes the Secretary to use funds from the Department of Defense Base Closure Account 1990 to pay for costs incurred in renovating or constructing new facilities as part of the exchange of property, requiring the value of such renovations or new construction to at least equal the fair market value of the Tustin real property and facilities exchanged.

Directs the Secretary to attempt to obtain the sale or exchange agreement for the Tustin real property and facilities within 18 months after enactment of this Act, except that the Secretary shall comply with the requirements of the National Environment Policy Act of 1969 before entering into such an agreement. States that if after such period the Secretary determines that further sale or exchange efforts are not in the best interests of the United States, the closure of the operations poriton of the Tustin Marine Corps Air Station shall proceed as provided in the Defense Base Closure and Realignment Act of 1990. Requires the Secretary to complete the closure and relocation of the Tustin Station within six years after the enactment of this Act, plus the additional time required for the sale or exchange of its real property and facilities. Requires the Secretary to notify the Senate and House Armed Services and Appropriations Committees at least 21 days in advance of the terms of any agreement reached relating to the sale or exchange of the Tustin property and facilities.