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 commissioner of capital asset management and maintenance, shall convey to the University of Massachusetts Building Authority, a body politic and corporate of the Commonwealth of Massachusetts, Chapter 773 of the Acts of 1960, as amended, the parcels of land located at 99 Perkins Street, identified as Parcel 5 on an Approval Not Required Plan entitled “Lawrence Mills Redevelopment, Lowell, Massachusetts,” revised January 28, 2004, prepared by Harry R. Feldman, Inc. for E. A. Fish Associates, and recorded at the Middlesex North Registry of Deeds in Plan Book 214 as plan 104; and, 720 Suffolk Street, Lot 720B identified on an Approval Not Required Plan entitled “Perkins Street, Lowell, Massachusetts,” dated January 6, 2005, prepared by Harry R. Feldman, Inc. for the Division of Capital Asset Management, and recorded at the Middlesex North Registry of Deeds in Plan Book 218 as plan 57.

SECTION 2. The University of Massachusetts Building Authority shall be responsible for all costs and expenses including, but not limited to, costs associated with any engineering, appraisals, surveys and deed preparation related to the conveyance authorized in this section as such costs may be determined by the commissioner of capital asset management and maintenance.

SECTION 3. The cash proceeds of the sale, lease, transfer, or other disposition of 99 Perkins Street and 720 Suffolk Street, net of said expenses, if any, shall be disbursed for deferred maintenance/capital projects at the University of Massachusetts-Lowell campus by the University of Massachusetts Building Authority as directed by the University of Massachusetts Board of Trustees. If the sale, lease, transfer or other disposition of 99 Perkins Street, 720 Suffolk Street, or both, is combined with the sale, lease, transfer or disposition of other parcels at the University of Lowell, then the cash proceeds of the sale, lease, transfer or other disposition of 99 Perkins Street, 720 Summer Street, or both, net of a proportionate share of costs allocable to 99 Perkins Street, 720 Summer Street, or both, as applicable, shall be disbursed in accordance with the immediately preceding sentence.

SECTION 4. An independent appraisal or appraisals of the fair market value and value in use of the parcels 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. Consideration for the grant of the above-described interest shall be the full and fair market value or the value in proposed use, whichever is greater, as determined by the commissioner of capital asset management. The commissioner of capital asset management and maintenance shall submit the appraisal or appraisals to the inspector general for his or her review and comment. The inspector general shall review and approve the appraisal or appraisals, and the review examination of the methodology utilized for the appraisal or appraisals. The inspector general shall prepare a report of his or her review and file the report with the commissioner of capital asset management and maintenance for submission by said commissioner to the house and senate committees on ways and means and the joint committee on state administration and regulatory oversight. Said commissioner shall submit copies of the appraisals, and the inspector general’s review and approval and comments, if any, 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 transfers described in section 1.

SECTION 5. The provisions of this act shall take effect upon passage.