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 capital asset management and maintenance may, subject to sections 40E to 40J, inclusive, of chapter 7 of the General Laws and the requirements of this act, sell and convey to the city of Fall River by deed a parcel of state-owned land, together with all buildings and structures located thereon, known and numbered as 64 Durfee Street, in this act referred to as the "parcel", located in the city of Fall River. The exact boundaries of the parcel shall be determined by the commissioner after completion of a survey. Any subsequent disposition of the parcel, or any portion thereof, by the city of Fall River or the Fall River Redevelopment Authority acting on its behalf, for private development or cultural purposes shall be permitted, subject to subsections (a), (b) and (g) of section 16 of chapter 30B of the General Laws.

SECTION 2. The consideration to be paid by the city of Fall River to the commonwealth for the parcel shall be not less than the full and fair market value for the parcel. The value of the parcel shall be determined by the commissioner of capital asset management and maintenance based upon an independent professional appraisal. The inspector general shall review and approve the appraisal, and the review and appraisal shall include an examination of the methodology utilized for the appraisal. The commissioner shall, 30 days before the conveyance authorized by this act submit the appraisal and a report thereon to the inspector general. The inspector general shall prepare a report of his review and approval of the appraisal and file the report with the commissioner and copies of the same shall be filed with the house and senate committees on ways and means and with the chairmen of the joint committee on state administration at least 15 days before the conveyance.

SECTION 3. The city of Fall River shall be responsible for the costs of any appraisals, surveys, including, without limitation, the cost of preparing a recordable plan and the cost of recording the plan with the appropriate registry of deeds or filing the plan with the appropriate registry district of the land court, and other expenses relating to the conveyance of the parcel deemed necessary by the commissioner.