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For the purpose of protecting and consolidating Federal lands within the Cooperative Management and Protection Area, the Secretary may carry out a land exchange with Roaring Springs Ranch, Incorporated, to convey all right, title, and interest of the United States in and to certain parcels of land under the jurisdiction of the Bureau of Land Management in the vicinity of Steens Mountain, Oregon, as depicted on the map referred to in section 460nnn–105 (a) of this title, consisting of a total of approximately 76,374 acres in exchange for the private lands described in subsection (b) of this section.

As consideration for the conveyance of the Federal lands referred to in subsection (a) of this section and the disbursement referred to in subsection (d) of this section, Roaring Springs Ranch, Incorporated, shall convey to the Secretary parcels of land consisting of approximately 10,909 acres, as depicted on the map referred to in section 460nnn–105 (a) of this title, for inclusion in the Wilderness Area, a wilderness study area, and the no livestock grazing area as appropriate.

Paragraphs (2) and (3) of section 460nnn–23 (e) of this title, relating to the effect of the cancellation in part of grazing permits for the South Steens allotment in the Wilderness Area and reassignment of use areas as described in paragraph (3)(C) of such section, shall apply to the land exchange authorized by this section.

Upon completion of the land exchange authorized by this section, the Secretary is authorized to make a disbursement to Roaring Springs Ranch, Incorporated, in the amount of $2,889,000.

The Secretary shall complete the conveyance of the Federal lands under subsection (a) of this section within 70 days after the Secretary accepts the lands described in subsection (b) of this section.