Requires real property of military installations that are closed pursuant to specified base closure laws to be disposed of by conveying all right, title, and interest of the United States in and to the property if such property was originally acquired by the United States by donation for the purpose of establishing or expanding the installation.
Allows the Secretary of Defense (DOD) to authorize the retention of a reversionary interest in the conveyed property to ensure that it is used for a public purpose if the property is conveyed by the United States without consideration, or for consideration equal to less than fair market value, to support the property's subsequent use for such a purpose.
Makes this Act applicable retroactively to property conveyed pursuant to certain base closure laws before the enactment of this Act. Requires the Secretary to convey to the recipient of such a previous conveyance any right, title, or interest that was retained by the United States during the original conveyance.