SECTION 1. At the direction of Great and General Court of the Commonwealth of Massachusetts, notwithstanding and a section of the General Laws or any other general or special law or rule or regulation to the contrary, the Board of Trustees of the University of Massachusetts, or any University of Massachusetts employee or officer designated by the Board, shall convey to the Town of Nantucket Affordable Housing Trust Fund (AHTF), a municipal affordable housing trust created pursuant to G.L. c. 44, §55C, subject to the terms and conditions described below, a certain parcel of land in the Town of Nantucket together with the buildings thereon, numbered as 18 Vesper Lane (the “Premises”), shown as Lot 2 on a plan of land entitled “Plan of Land in Nantucket, Mass.,” dated July 20, 1981, prepared by John Shugrue, recorded with Nantucket County Registry of Deeds in Plan Book 21, Page 61, containing 1.71±acres, and more particularly bounded and described in a deed recorded with said Deeds in Book 186, Page 317, for affordable housing purposes. AHTF shall pay a purchase price of Two Million Eight Hundred Thousand and 00/100 ($2,800,000.00) Dollars for the Premises, of which Two Million Six Hundred Thousand and 00/100 ($2,600,000.00) Dollars shall be paid to the University of Massachusetts at the time of the delivery of the deed by bank check, municipal treasurer’s check or wire transfer at the option of the University of Massachusetts.
SECTION 2. The consideration for the conveyance authorized by this act shall be the full and fair market value of the land and buildings. The parties have both obtained real estate appraisals of the land and buildings thereon, within the last two years, performed by licensed professionals, and agree that said appraisals are accurate, complete and reliable, and that the consideration for the conveyance is of fair market value and consistent with the appraised values of the land and buildings.
SECTION 3. The proceeds of the conveyance shall be held and managed by the University of Massachusetts Foundation, Inc., and may be used for endowment purposes exclusively for the University of Massachusetts Boston, and managed as such. By agreement with the President of UMass and at the direction of the Board of Trustees, the proceeds of the conveyance will be added to the University of Massachusetts Boston endowment to be used at the discretion of the Chancellor.
SECTION 4. As a term of the transaction, AHTF shall complete the agreed upon repairs and remediation in the existing buildings and pay for the portion of the costs of repairs and remediation as set forth in the Purchase and Sale Agreement. Two Hundred Thousand and 00/100 ($200,000.00) Dollars (the “Escrow Funds”) from the proceeds of the sale shall be held in escrow by AHTF’s counsel, KP Law, P.C. to provide the funds for AHTF to complete the following work on the Premises to the satisfaction and standards of AHTF: (a) repair the damaged portions of the roof of the building; (b) remediate the existing mold; and (c) obtain a building permit from the Town of Nantucket to complete the above described work and an occupancy permit from the Town of Nantucket for the building’s use after the completion of the work. Any costs to complete all of the repairs and remediation as described herein, in excess of the Escrow Funds shall be paid by AHTF. If there are Escrow Funds remaining upon the completion of the work described herein, then the balance of the Escrow Funds shall be delivered to the University of Massachusetts Foundation, Inc. The escrow funds will be held by KP Law, P.C. pursuant to the terms of an escrow agreement to be mutually agreed upon and attached as an exhibit to the Purchase and Sale Agreement, which shall be executed and delivered at closing.
SECTION 5. AHTF shall permit the University of Massachusetts Boston (“University”) to use and occupy the existing buildings located on 18 Vesper Lane solely by the University staff, students and visiting instructors for a period of up to twenty four (24) months from the date of issuance of a certificate of occupancy after completion of the work described in Section 4, as set forth in the Purchase and Sale Agreement. During the term of the University use and occupancy, the University shall be responsible for all fuel and utility costs and for maintaining the Premises in working condition during the term of the agreement. AHTF and the University shall execute a mutually agreed upon Use and Occupancy Agreement for the use of the buildings by the University including the above terms.
SECTION 6. Pursuant to the terms of the Purchase and Sale Agreement (a) AHTF shall have the right to assign its rights and obligations under the Purchase and Sale Agreement, to its nominee; and (b) said deed of the Premises is to be delivered at a time and place to be mutually agreed upon.
SECTION 7. This act shall take effect upon its passage.