SECTION 1.  Notwithstanding sections 32 to 37, inclusive, of chapter 7C of the General Laws or any other general or special law to the contrary, the board of trustees of the University of Massachusetts, or any officer designated by the board, may convey to the city of Waltham, with conditions a certain parcel of land in the city of Waltham together with the buildings thereon, now known and numbered as 240 Beaver street, designated as parcels R53003001 and R53003014 by the assessors of the city of Waltham and commonly known as the UMass Field Station. The land is owned by the commonwealth, acting through the trustees of the University of Massachusetts, and is more particularly described in deeds recorded in the Middlesex Southern district registry of deeds in book 4600, page 42 and book 6911, page 201. A portion of the land is currently used for agricultural purposes, and that portion shall continue to be used for agricultural, open space or recreational purposes.

SECTION 2.  The consideration for the conveyance authorized by this act shall be not less than the fair market value of the property and buildings thereon based upon an independent professional appraisal; provided, however, that the University of Massachusetts and the mayor of the city of Waltham may agree on an offset of the fair market value that reflects the cost of necessary environmental cleanup and current conditions of buildings on the parcel described in section 1.  Nothing in this act shall prevent the use of an appraisal conducted in the 3 years before the effective date of this act from being used to determine fair market value.

SECTION 3.  The University of Massachusetts shall, not less than 15 days prior the conveyance of the property in section 1, submit the appraisal described in section 2 to the inspector general for review and comment. The inspector general shall issue a review and comment not more than 15 days after receipt of the appraisal.

SECTION 4.  Notwithstanding any general or special law to the contrary, the proceeds of the conveyance shall be deposited in a trust fund established by the board of trustees of the University of Massachusetts pursuant to section 11 of chapter 75 of the General Laws; and provided further, that the proceeds shall be used to benefit the University of Massachusetts Amherst.

SECTION 5.  The city of Waltham shall pay for all costs of the appraisal described in section 2, survey and deed preparation for the conveyance of the property described in section 1 and shall acquire the property and buildings thereon in its as is condition without warranty.

SECTION 6.  The University of Massachusetts and the mayor of the city of Waltham may effectuate the sale of the parcel described in section 1 on or after the effective date of this act.