Provides for any agency that takes such an action to: (1) compensate the property owner for the diminution in value of any portion of that property resulting from the action; or (2) at the owner's option, buy that portion of the property by paying fair market value of the portion, based on the property's value before the diminution and without regard to the presence on the property of an endangered or threatened species, or the use of the property by such a species.
Requires a property owner seeking compensation to make a written request for compensation to the agency whose action would limit otherwise lawful use of the property. Permits such owner to elect arbitration through alternative dispute resolution or seek compensation due in a civil action.
Establishes in the Treasury the Species Conservation Fund to consist of such amounts as are appropriated to the Fund. Provides for amounts in the Fund to be available, without further appropriation, to carry out projects on privately owned land to conserve endangered or threatened species and their habitats, including for acquiring real property, waters, or interests.
Sets a limitation on mitigation requirements.