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 the parcels of land located at: (i) 99 Perkins street, identified as Parcel 5 on a plan of land entitled “Approval Not Required (‘ANR’) Plan Lawrence Mills Redevelopment Lowell, Massachusetts”, dated August 14, 2003, parcels 1, 3 & 5 revised January 28, 2004, and recorded in the Middlesex northern district registry of deeds in plan book 214, plan 104; and (ii) 720 Suffolk street, identified as Lot 720B on a plan of land entitled “Approval Not Required (‘ANR’) Plan Perkins Street, Lowell, Massachusetts”, dated January 6, 2005 and recorded in the Middlesex northern district registry of deeds in plan book 218, plan 57.

SECTION 2. (a) The University of Massachusetts Building Authority shall be responsible for all costs and expenses of the conveyance authorized in section 1 as determined by the commissioner of capital asset management and maintenance including, but not limited to, the costs associated with any engineering, appraisals, surveys and deed preparation related to the conveyance. Any independent appraisal of the fair market value and value in proposed 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. The commissioner shall submit all appraisals to the inspector general for review and comment. The inspector general shall review and approve the appraisals and examine the methodology utilized for the appraisals. The inspector general shall prepare a report of the review and file the report with the commissioner of capital asset management and maintenance for submission by the commissioner to the senate and house committees on ways and means and the joint committee on state administration and regulatory oversight not less than 15 days before the execution of any documents effecting the conveyance authorized in said section 1.

(b) Consideration for the conveyance of the parcels pursuant to section 1 shall be the greater of: (i) the full and fair market value; or (ii) the value in proposed use.

SECTION 3. Upon acquisition of the parcels by the University of Massachusetts Building Authority pursuant to section 1, the authority may convey, lease, transfer or otherwise dispose of said parcels; provided, however, that the net proceeds of any such conveyance, lease, transfer or other disposition of: (i) 99 Perkins street and 720 Suffolk street, after deduction of the costs and expenses therefor, which shall include, but not be limited to, the costs associated with any engineering, appraisals, surveys and deed preparation related to the transaction, if any; or (ii) 99 Perkins street, 720 Suffolk street or both, combined with the sale, lease, transfer or other disposition of other parcels at the University of Massachusetts at Lowell, after deduction of a proportionate share of the costs therefor, which shall include, but not limited to, the costs associated with any engineering, appraisals, surveys and deed preparation related to the transactions, allocable to 99 Perkins street, 720 Summer street or both, as applicable, shall be disbursed by the authority for deferred maintenance or capital projects at the University of Massachusetts at Lowell as directed by the board of trustees of the University of Massachusetts.