This 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 bill also 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.

In exchange for the land, the Alaska Railroad Corporation may accept cash equivalent to the fair market value, land of equivalent value, or a combination of both. The bill also provides legislative approval for the Alaska Railroad Corporation to convey its interest in the specified land, as required under existing law. The act is set to take effect immediately upon passage.