Notwithstanding any general or special law to the contrary, Holyoke Community College may borrow not more than $7,000,000 through Massachusetts Development Finance Agency for the following purposes: (1) to acquire land and a building thereon located at 404 - 408 Jarvis Avenue in the city of Holyoke; (2) to design, renovate, furnish and equip that building for the establishment of a center for nursing, radiology technology and related health care education; and (3) to design, renovate, furnish and equip classroom and related support space vacated by nursing, radiology and related health care education programs on the Holyoke Community College campus at 303 Homestead Avenue in said city of Holyoke.  The consideration for the purchase of the land and building shall be based on 2 independent appraisals commissioned by Holyoke Community College and the purchase shall be subject to a vote of board of higher education.  The proceeds from any future sale of the land and building thereon by Holyoke Community College shall revert to the College trust fund as reimbursement for the College trust fund investment in that property.