A bill to amend the Federal Property and Administrative Services Act of 1949.

Provides, under the Federal Property and Administrative Services Act, for the economic development of abandoned defense facilities, by allowing the Secretary of Defense or the Administrator of General Services, as appropriate, to sell or lease (for a term of not less than fifteen years) unused employment related real property to qualified State and local agencies.

States that the sale or lease value of property to be sold or leased under this Act shall be determined by the Secretary or the Administrator, as the case may be, as the fair market value of such property reduced by all investments and contributions made by any State or political subdivision thereof or qualified State or local agency in preparation of such property for redevelopment.