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 may, subject to the provisions of sections 40E to 40J, inclusive, of chapter 7 of the General Laws, convey by deed approved as to form by the attorney general, a certain parcel of land currently used for open space, forest and recreation purposes and located in the town of North Reading to the town of North Reading subject to the terms and conditions as the commissioner may prescribe in consultation with the department of environmental management. The land is located southerly of conservation land on the Ipswich River owned by the town and is to be used for conservation, recreational open space or bikeway purposes and is designated as abandoned railroad bed land on Assessor's Map 41 parcel 52, a copy of which is on file in the engineer's office in the town hall.

SECTION 2. The sale price paid by the town of North Reading for the parcel shall be the full and fair market value of the property determined by independent appraisal, for its use as described in this act. The inspector general shall review and approve the appraisal and the review shall include an examination of the methodology utilized for the appraisal. The inspector general shall prepare a report of his review and file the report with the commissioner of the division of capital asset management and maintenance for submission to the house and senate committees on ways and means and chairmen of the joint committee on state administration in accordance with section 5.

SECTION 3. The town of North Reading or its designee shall be responsible for any costs for appraisals, surveys and other expenses relating to the transfer of the parcel, or for any costs and liabilities and expenses of any nature and kind for the development, maintenance or operation of the parcel. In the event the parcel of land ceases to be used at any time for the purposes contained herein, the parcel shall revert to the care and control of the division of capital asset management and maintenance and any further disposition of the parcel shall be subject to sections 40E to 40J, inclusive, of chapter 7 of the General Laws.

SECTION 4. The sale price paid under section 2 shall be deposited in the General Fund of the commonwealth.

SECTION 5. The commissioner of the division of capital asset management and maintenance shall, 30 days before the execution of any agreement authorized by this act, or any subsequent amendment thereof, submit the agreement or amendment and a report thereon to the inspector general for his review and comment. The inspector shall issue his review and comment within 15 days of receipt of any agreement or amendment. The commissioner shall submit the agreement and any subsequent amendments thereof, the reports and the comments of the inspector general, if any, to the house and senate committees on ways and means and the chairmen on the joint committee on state administration at least 15 days prior to execution.