1. Short title This Act may be cited as the Federal Property Low Hanging Fruit Act . 2. Public-Private Agreement Pilot Program (a) Plan for entering into public-Private agreements (1) In general The head of a covered agency shall develop and carry out a plan to enter into one or more agreements with an eligible entity, for the purposes described in paragraph (2). (2) Purposes The purposes of any agreement entered into under paragraph (1) shall be— (A) to lease Federal real properties that are underutilized or excess, under the terms of subsection (c); and (B) to develop, rehabilitate, or renovate facilities on such leased properties for the benefit of the covered agency, including monetary benefits such as lease revenues and non-monetary benefits such as avoided operations and maintenance costs. (3) Number of properties The head of each covered agency shall identify at least 5, and not more than 10, Federal real properties to be offered for lease under agreements entered into under paragraph (1). (b) Agreement terms (1) In general Each agreement entered into pursuant to this section— (A) shall have as its primary purpose the enhancement of the functional and economic efficiency of Federal real property; (B) shall be negotiated pursuant to such procedures as the head of the covered agency concerned considers necessary to promote competition and protect the interests of the Federal Government; (C) shall provide a fair market value lease option to the United States to occupy space in the facilities acquired, constructed, or rehabilitated under the agreement, but shall not guarantee occupancy by the United States; (D) shall describe the consideration, duties, and responsibilities for which the United States and the eligible entity are responsible and may provide for the alteration, repair, or improvement of the real property as part or all of the consideration of the eligible entity, notwithstanding any provision of law, including section 1302 of title 40, United States Code