A bill to amend the Federal Property and Administrative Services Act of 1949, as amended, to provide for the disposal of surplus real property to states and their political subdivisions, agencies, and instrumentalities for economic development purposes.

Amends the Federal Property and Administrative Services Act of 1949 to permit the Administrator of General Services to assign to the Secretary of Commerce for disposal such surplus real property, including any improvements situated thereon, as is determined by the Secretary to be required to help multistate, State, and local areas meet special needs arising from actual or threatened severe unemployment arising from actions of the Federal Government in closing Federal facilities. Permits the Secretary to transfer or sell such property to any State, political subdivision, Indian tribe, or tax-exempt corporation, for public works, public service or development facility, or other economic development use. Authorizes the Federal Government to reenter and take such property if it is not used for economic development purposes for at least 20 years.

Allows any entity qualifying under this Act to obtain a refund from the Administrator if the current or proposed use of such property would qualify under this Act if such property was disposed of by the Administrator after September 1, 1975, and before the enactment of this Act.