SECTION 1.  Section 5 of the chapter 183 of the acts of 2011 is hereby amended by deleting the sixth (being the final) sentence and substituting the following in its place and stead:  “Upon the sale by the city of Revere of the north lot, the maintenance facility lot, or any portion of either lot, the city shall deposit the portion of proceeds of such sale representing the consideration to be paid by the city of Revere to the commonwealth as described in the preceding sentence into an escrow account established by the commissioner of the division of capital asset management and maintenance, in consultation with the commissioner of conservation and recreation and the city of Revere, and those deposited funds, together with any interest thereon, shall be used for all costs (including costs of required professional services) incurred by the city of Revere, both directly and indirectly,  to design and construct the replacement maintenance facility on the Revere Beach Reservation, to acquire the north lot and the maintenance lot, and portions thereof, from the commonwealth, to sell the same to a redeveloper, to design, acquire and construct other public improvements to the Revere Beach Reservation as may be proposed by the city of Revere and approved by the department of conservation and recreation, to design, acquire  and construct other public improvements in connection with the transit-oriented development at Revere Beach, and/or the promotion of the master plan of the city of Revere for the transit-oriented development at Revere Beach; provided, however, the design and construction of the replacement maintenance facility shall be subject to the review and approval of the division of capital asset management and maintenance and the department of conservation and recreation; provided, further, that the disbursement of funds from the escrow account shall be subject to the approval of the division of capital asset management and maintenance and the department of conservation and recreation, on such terms and conditions as may be set forth in any agreement governing the escrow account; provided further, that such escrow agreement shall, without limitation, provide that if the city of Revere does not complete the construction of the replacement maintenance facility by such date as may be specified in the escrow agreement, the division of capital asset management and maintenance, in consultation with the department of conservation and recreation, may use the funds in the escrow account for the design and construction of the replacement maintenance facility; provided further, that any funds paid into the escrow account from the sale of the north lot, the maintenance facility lot, or portions thereof which are not needed for the design and construction of the replacement maintenance facility, the acquisition of the north lot and the maintenance facility lot, or portions thereof, from the commonwealth, the sale of  the north lot and the maintenance facility lot, or portions thereof to a redeveloper, the design, acquisition and construction of other public improvements to the Revere Beach Reservation, the design, acquisition and construction of other public improvements in connection with the transit-oriented development at Revere Beach and the promotion of the master plan of the city of Revere for the transit-oriented development at Revere Beach shall be paid to the commonwealth in accordance with the escrow agreement and such agreement shall contain such other provisions as the commissioner of the division of capital asset management and maintenance, in consultation with the commissioner of conservation and recreation, deems appropriate.”

SECTION 2.  Chapter 877 of the acts of 1977 is hereby amended by adding a new section 3 as follows: “Section 3.  Notwithstanding the provisions of sections 1 or 2 of this act, the Authority is hereby authorized to convey said parcel in fee to the city of Revere (including the Authority’s interest in the lease entered into with the city of Revere pursuant to section 2 of this act), provided the purchase price of the parcel is equal to the capitalized value of such lease.  The city of Revere shall have the right to convey the parcel, or portion thereof, to a redeveloper, for redevelopment consistent with this act.”

SECTION 3. This act shall take effect upon its passage.