Authorizes the Secretary of the Navy to convey, without consideration, to the State of Illinois, a political subdivision thereof, or a nonprofit land conservation organization (grantee) all Federal interest in certain environmentally sensitive land at the former Fort Sheridan, Illinois, to ensure the permanent protection of such land, subject to reversion and reconveyance if specified conditions are not met.
Directs the Secretary to require the grantee to cover costs to be incurred, or to reimburse the Secretary for costs incurred, by the Secretary to carry out the conveyance, including survey costs, costs related to environmental documentation, and other administrative costs related to the conveyance.
Makes the conveyance exempt from the requirement to screen the property for other Federal use.