National Park System Long-Term Lease Investment Act

This bill allows the Secretary of the Interior to extend certain leases in National Park System units without competitive bidding, and to enter into long-term leases for major redevelopment projects. Sec. 2, Authorization to extend certain leases: The Secretary may extend a lease under part 18 of title 36, Code of Federal Regulations, without following certain bidding rules, if the lessee has held the lease for at least 5 years and is in compliance, and the extension is in the best interests of park administration. Before extending, the Secretary must publish a 60-day notice for letters of interest, evaluate any competing offers, and if a competing offer is better, decline the extension and open the lease to competitive bidding. Extensions over 10 years require 30 days' notice to Congress. The Secretary must conduct a mid-term compliance review and may terminate the extension for noncompliance. Sec. 3, Authorization to enter into long-term leases: The Secretary may enter into leases of up to 99 years for redevelopment of National Park Service property where redevelopment costs exceed $100 million, if it is in the best financial needs and interests of the park unit. Leases over 60 years require 60 days' notice to Congress. Sec. 4, Conforming regulations: Within 90 days of enactment, the Secretary must update the relevant regulations to reflect the new authorities.