Expand compensation for certain unharvested trees in the Forest Riparian Easement Program (FREP). Limits participation in the FREP to non-governmental, for-profit legal entities. Requires a recipient of funding from the FREP to repay the total amount received if the recipient sells his or her land within 10 years to someone who would not qualify for participation in the FREP. This bill requires DNR, by November 1 of each even-numbered year, to submit a list of all FREP applications to the Governor and the Legislature for funding in the capital budget. Changes the date from October 31, 2011, to May 31, 2012, for when DNR must report the findings and recommendations to the Legislature on potential long-term funding sources for FREP. Adds an emergency clause with an effective date of July 1, 2011, to coincide with the biennial capital budget.