The bill authorizes the Alaska Railroad Corporation to transfer approximately 84.8 acres of rail land to the City of Whittier for fair market value, while ensuring that existing rights are respected. The land is divided into five specific areas, each described in detail by their respective sections and parcels. The legislation acknowledges that the property includes portions of existing lots that are not currently separate parcels, and it allows for reasonable modifications to the legal descriptions of the land as necessary for the transfer. The Alaska Railroad Corporation and the City of Whittier are required to enter into an agreement to conduct any necessary surveying and platting actions.

Additionally, the bill stipulates that the Alaska Railroad Corporation may accept cash equivalent to the fair market value of the land being conveyed as consideration for the transfer. This legislative approval is in accordance with existing laws governing the corporation's ability to convey land. The bill is set to take effect immediately upon passage.