Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. The commissioner of the division of capital asset management and maintenance, subject to the provisions of sections 40E to 40J, inclusive, of chapter 7 of the General Laws and the provisions of this act, may sell and convey by deed the commonwealth-owned property at 24 Hillside avenue in the city of Chelsea, shown generally as lot 59 on the city of Chelsea Assessor's Map 66.

SECTION 2. The consideration for the conveyance authorized by this act shall be the full and fair market value of the property for its highest and best use, determined by the commissioner of the division of capital asset management and maintenance based on an independent professional appraisal. The amount of the consideration shall be subject to the review and approval of the inspector general, which review and approval shall include the methodology used in said appraisal. Said commissioner shall submit the appraisal to said inspector general, together with a report stating the intended consideration for the conveyance. Said inspector general shall have 30 days after receipt of said appraisal and the report for his review and approval. Said inspector general shall submit a report on his review and approval of said appraisal and consideration for the property to said commissioner. At least 15 days before conveying a deed of the property, said commissioner shall submit a copy of said inspector general's report to the clerks of the senate and house for distribution to the chairmen of the house and senate committees on ways and means and the joint committee on administration.

SECTION 3. The recipient of the property shall be responsible for all costs and expenses of the transaction authorized by this act as determined by the commissioner of the division of capital asset management and maintenance, including without limitation, the cost of any survey, appraisal and preparation of the deed and for all costs and liabilities associated with the ownership of said property. The recipient shall acquire said property in its existing condition without any warranty by the commonwealth.