Requires the YLRP to reserve perpetual and unrestricted easements and water rights for seven existing wells and related equipment on the land it is transferring to Federal control. Grants to the YLRP perpetual, unrestricted, and nonexclusive easements that run with and benefit land transferred to the YLRP. Prescribes that if any part of either territory being transferred is unacceptable to the entity receiving it due to the presence of hazardous materials or any other reason, such section shall be deleted from the exchange and an adjustment shall be made.
Requires the values of the land exchanged to be equal. Establishes that if the land destined for the YLRP is not already segregated pursuant to the Federal Land Policy and Management Act of 1976, this Act shall segregate it from all forms of entry and appropriation under the public land laws until the exchange. Directs the Secretary to perform any necessary land surveys, preexchange inventories, clearances, reviews, and approvals relating to threatened and endangered species, other environmental considerations, and hazardous materials.
Prescribes that the land acquired by the United States shall become part of the Prescott National Forest, and shall be managed to maintain its present character and natural values.