Surplus Property Development Act

Surplus Property Development Act - Authorizes the Administrator of General Services, under the Federal Property and Administrative Services Act of 1949, to sell or lease at 50 percent of fair market value specified surplus real property to any State or political subdivision of a State which requires such property to conduct an economic development program. Gives the United States the right to reclaim such property in the event it is no longer used for economic development purposes. Restricts the property available under this Act to real property which has become available due to the closing or reducing of activities at a Federal facility where such action is causing or is likely to cause serious economic or social disruption within the vicinity of such facility.