SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, the city known as the town of Watertown is hereby authorized to enter into one or more agreements with private parties for the coordination, funding, and construction of renovations, improvements, and upgrades to the property owned and controlled by the town of Watertown and known as Arsenal Park on such terms and conditions, including the length of the term thereof, as shall be determined by the Town Manager to be in the best interests of the Town.

SECTION 2. The procurement of construction services for such renovations, improvements, and upgrades may be undertaken in cooperation between the town and the private parties utilizing public and private funds, and any contracts therefor shall be exempted from the provisions of the general laws related to the construction, reconstruction, alteration, remodeling, repair and maintenance of improvements to public property, including chapter 30B, sections 44 to 58, inclusive, of chapter 7C, sections 44A to 44H, inclusive, of chapter 149, and section 39M of chapter 30 of the general laws.

SECTION 3. The provisions of sections 26 through 27H, inclusive, of said chapter 149 shall apply to any contracts entered into for the construction of such improvements to said Arsenal Park.

SECTION 4. Prior to the construction of any improvements pursuant to this act, any contractor hired hereunder shall provide the town of Watertown with a performance and labor and materials payment bond in the amount of one hundred percent of the value of the improvements to be constructed upon the public property, and with certificates of insurance indicating the existence of such coverage as the town manager shall determine to be in the best interests of the town.

SECTION 5. All improvements constructed pursuant to this act shall become and shall remain the property of the town of Watertown.

SECTION 6. This act shall take effect upon its passage.