PUBLIC LAW 113–287—DEC. 19, 2014
128 STAT. 3143
including the required construction of capital improvements, warrant a longer term.
§ 101915. Protection of concessioner investment
(a) Definitions.—In this section:
- (1) Capital improvement.—The term “capital improvement” means a structure, a fixture, or nonremovable equipment provided by a concessioner pursuant to the terms of a concession contract and located on land of the United States within a System unit.
- (2) Consumer price index.—The term “Consumer Price Index” means—
- (A) the “Consumer Price Index—All Urban Consumers” published by the Bureau of Labor Statistics of the Department of Labor; or
- (B) if the Index is not published, another regularly published cost-of-living index approximating the Consumer Price Index.
(b) Leasehold Surrender Interest in Capital Improvements.—A concessioner that constructs a capital improvement on land owned by the United States within a System unit pursuant to a concession contract shall have a leasehold surrender interest in the capital improvement subject to the following terms and conditions:
- (1) In general.—A concessioner shall have a leasehold surrender interest in each capital improvement constructed by a concessioner under a concession contract, consisting solely of a right to compensation for the capital improvement to the extent of the value of the concessioner’s leasehold surrender interest in the capital improvement.
- (2) Pledge as security.—A leasehold surrender interest may be pledged as security for financing of a capital improvement or the acquisition of a concession contract when approved by the Secretary pursuant to this subchapter.
- (3) Transfer and relinquishment or waiver of interest.—A leasehold surrender interest shall be transferred by the concessioner in connection with any transfer of the concession contract and may be relinquished or waived by the concessioner.
- (4) Limit on extinguishing or taking interest.—A leasehold surrender interest shall not be extinguished by the expiration or other termination of a concession contract and may not be taken for public use except on payment of just compensation.
- (5) Value of interest.—The value of a leasehold surrender interest in a capital improvement shall be an amount equal to the initial value (construction cost of the capital improvement), increased (or decreased) by the same percentage increase (or decrease) as the percentage increase (or decrease) in the Consumer Price Index, from the date of making the investment in the capital improvement by the concessioner to the date of payment of the value of the leasehold surrender interest, less depreciation of the capital improvement as evidenced by the condition and prospective serviceability in comparison with a new unit of like kind.
- (6) Value of interest in certain new concession contracts.—
