LAND ACQUISITION, NAVY LARGE CAVITATION CHANNEL, MEMPHIS, TENNESSEE.

SEC. 2819. LAND ACQUISITION, NAVY LARGE CAVITATION CHANNEL, MEMPHIS, TENNESSEE. (a) Authority To Acquire.—The Secretary of the Navy may acquire all right, title, and interest of any party in and to a parcel of real property, including improvements thereon, consisting of approximately 88 acres and located on President’s Island, Memphis, Tennessee, the site of the Navy Large Cavitation Channel. (b) Cost of Acquisition.—In acquiring the real property authorized to be acquired under subsection (a), the Secretary shall pay no more than the fair market value of the property, as determined by an appraisal satisfactory to the Secretary. (c) Description of Property.—The exact acreage and legal description of the real property authorized to be acquired under subsection (a) shall be determined by a survey that is satisfactory to the Secretary. The cost of the survey shall be borne by the Secretary. 107 STAT. 1894 (d) Additional Terms and Conditions.—The Secretary may require such additional terms and conditions in connection with the acquisition under subsection (a) as the Secretary considers appropriate to protect the interests of the United States. (e) Source of Funds for Acquisition.—Funds for the acquisition of the real property authorized to be acquired under subsection (a) shall be available to the Secretary as provided in section 264.