SECTION 1. Notwithstanding sections 32 to 37 of chapter 7C of the General Laws or any other general or special law to the contrary, the commissioner of capital asset management and maintenance, in consultation with the department of conservation and recreation, may convey to the Lowell housing authority a certain parcel of land located at 719 Broadway street in the city of Lowell and consisting of approximately 13,166 square feet more particularly described as follows: a certain parcel of land described in a deed recorded with the Middlesex North registry of deeds in book 249 and page 630 and shown on a plan entitled, "Compiled Plan of Land in Lowell, Mass., Prepared for Lowell Electronic Park Realty Trust, Scale 1"- 40', July 1982, Stowers Associates Inc.", recorded with the Middlesex North registry of deeds in book 138, plan 111. The parcel of land is currently under the care and control of the department of conservation and recreation for conservation and recreation purposes pursuant to section 3 of chapter 132A of the General Laws.

SECTION 2. An independent appraisal of the fair market value and value in use of the parcel of land described in section 1 shall be prepared in accordance with the usual and customary professional appraisal practices by a qualified appraiser commissioned by the commissioner of capital asset management and maintenance. The Lowell housing authority shall compensate the commonwealth for the conveyance of the above-described parcel by: (i) making a payment in an amount equal to the full and fair market value or the value in proposed use, whichever is greater, as determined by the commissioner of capital asset management and maintenance; (ii) transferring land or interest in land to the department of conservation and recreation of equal or greater acreage and resource value than the above-described parcel to be held by the department of conservation and recreation for conservation and recreation purposes; or (iii) any combination of clauses (i) and (ii) acceptable to the department of conservation and recreation. Any payment made in accordance with clause (i) shall be deposited in the Conservation Trust established in section 1 of chapter 132A of the General Laws and expended by the department to acquire lands or interests in land to be permanently under the care and control of the department for conservation and recreation purposes. For the purposes of such appraisal, the full and fair market value of the above-described parcel shall be calculated with regard to its full development potential as assembled with other abutting lands owned or controlled by Lowell housing authority, if any. The commissioner of capital asset management and maintenance shall submit the appraisal to the inspector general for review and comment. The inspector general shall review and approve the 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 of capital asset management and maintenance. After receiving the report, the commissioner shall submit copies of the report to the house and senate committees on ways and means and the joint committee on state administration and regulatory oversight at least 15 days prior to the execution of documents effecting the conveyance described in section 1.

SECTION 3. The Lowell housing authority shall be responsible for all costs associated with the conveyance authorized by this act including, but not limited to, any appraisal, survey, recording or legal costs and any other expenses incurred by the commonwealth in connection with the conveyance and for all costs, liabilities and expenses of any nature and kind for its ownership and use.