This bill authorizes the lease, sale, or exchange of the Kelly parcel, a 640-acre tract of land located on Gros Ventre Road in Teton County, Wyoming. The director of state lands is empowered to manage these transactions with the approval of the board of land commissioners. Key provisions include that any lease must not exceed one year, with a potential for automatic renewal for up to ten years, and must be for conservation purposes with a minimum annual payment of $6 million. The bill also stipulates that no development is allowed on the parcel during the lease period, and any sale of the parcel requires subsequent legislative approval, except in specific circumstances where the director can sell it directly for at least $750 million.

Additionally, the bill allows for the exchange of the Kelly parcel for mineral interests valued at no less than $1 billion, specifically in coal or trona, with all interests to be appraised prior to the exchange. It is also noted that no sale or exchange can occur while the parcel is under lease. The act is set to take effect on July 1, 2024.