SECTION 1.  (a) Notwithstanding sections 34 to 37 of chapter 7C of the General Laws, or any other special or general laws to the contrary, the commissioner of the division of capital asset management and maintenance may release a use restriction and right of reverter created pursuant to chapter 297 of the acts of 1952 and reserved in a deed recorded with the Northern Bristol County registry of deeds in book 1108, page 226 affecting the single family residential property located at 777 Whittendon Street in the city of Taunton.

(b) The consideration for the release shall be the full and fair market value thereof as determined by the commissioner of the division of capital asset management and maintenance based on an independent professional appraisal.  The commissioner shall submit the appraisal to the inspector general for review and comment.  The inspector general shall review such appraisal and the review shall include an examination of the methodology utilized for the appraisal.  The inspector general shall prepare a report of such review and file the report with the commissioner.  The commissioner shall submit copies of the appraisals and the inspector general’s review and approval and comments, if any, to the house and senate committees on ways and means and the joint committee on state administration and regulatory oversight prior to the execution of any documents effecting the transfers described in this section.

(c) The owner of the land released shall assume all costs associated with engineering, surveys, appraisals, deed preparation and other expenses deemed necessary by the commissioner of the division of capital asset management and maintenance to execute the conveyances authorized in this section.

SECTION 2.  This act shall take effect upon its passage.