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 certain parcels of land in the city of Waltham together with the buildings thereon numbered as 240 Beaver street, designated as parcels R0530030001 and R0530030014 by the assessors of the city of Waltham and known as the UMass Waltham Field Station. The parcels are owned by the commonwealth, acting through the board of trustees of the University of Massachusetts, and are more particularly described in deeds recorded in the Middlesex southern district registry of deeds in book 4600, page 42 and book 6911, page 201. The parcels described herein shall be conveyed subject to a restriction limiting the use of the parcels to open space, recreation or agricultural purposes under Article XCVII of the Amendments to the Constitution of the Commonwealth; provided, however, that any building or other improvement on the parcels may be used for any purpose if that purpose is related to or in connection with an open space, recreation or agricultural purpose under Article XCVII of the Amendments to the Constitution of the Commonwealth.

SECTION 2. The city of Waltham may lease any portion of the parcels described in section 1, including any buildings located thereon, subject to any applicable general or special law; provided, however, that any lease executed by the city shall include a provision restricting the use of said parcels to open space, recreation or agricultural purposes; provided further, that in any such lease the city may include a provision permitting any building or other improvement on the parcels to be used for any purpose if that purpose is related to or in connection with an open space, recreation or agricultural purpose under Article XCVII of the Amendments to the Constitution of the Commonwealth.

SECTION 3. The consideration for the conveyance pursuant to this act shall be not less than the fair market value of the parcels 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 parcels described in section 1. Nothing in this act shall prevent the use of an appraisal conducted within 3 years before the effective date of this act from being used to determine fair market value.

SECTION 4. Thirty days before the execution of the conveyance authorized by this act or any subsequent amendment thereto, the board of trustees of the University of Massachusetts, or an officer designated by the board, shall submit the proposed conveyance documents or amendment and a report thereon 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 proposed conveyance documents or amendment. The board of trustees of the University of Massachusetts, or the officer designated by the board, shall submit the conveyance documents and any subsequent amendment thereto, the report thereon and the comments of the inspector general, if any, to the house and senate committees on ways and means and the joint committee on state administration and regulatory oversight not less than 15 days prior to the execution of the documents or amendment.

SECTION 5. Notwithstanding any general or special law to the contrary, the proceeds of the conveyance pursuant to this act 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; provided, however, that the proceeds shall be used to benefit the University of Massachusetts at Amherst.

SECTION 6. The city of Waltham shall pay for all costs of the appraisal described in section 3 and any survey and deed preparation for the conveyance of the property described in section 1 and shall acquire the property and buildings thereon as is without warranty.