A bill to amend the Federal Property and Administrative Services Act of 1949, as amended, to provide for the disposal of surplus real property to States and their political subdivisions, agencies and instrumentalities for economic development purposes.

Authorizes the Administrator of General Services to assign to the Secretary of Commerce for disposal by sale or transfer to the States, such surplus property, including buildings, fixtures, and equipment situated thereon, as is determined by the Secretary of Commerce to be required to help multistate, State, and local areas meet special needs arising from actual or threatened severe unemployment arising from actions of the Federal Government in closing Federal facilities.

Provides that any such sale or transfer shall be made only if the Secretary of Commerce (1) approves the transferee's plan for preparation and utilization of the surplus property for economic development purposes, (2) determines that transfer of the property for economic development purposes, and (3) determines that transfer of the property at fair market value would discourage reuse of the property for economically productive purposes.

Stipulates that the sale price shall not be less than 25 percent of the fair market value.