Amendment #23 to H3400

Surplus Land Along the Turnpike

[Sponsors] Representatives Jones of North Reading, Peterson of Grafton, Hill of Ipswich, Poirier of North Attleboro, and deMacedo of Plymouth move to amend the bill by inserting, after section XX, the following section:

“SECTION XX.  Notwithstanding any general law to the contrary, the secretary of the department of transportation, in consultation with the treasurer of the commonwealth and the executive director of the pension reserves investment management board, shall study and assess current market value of real property under the ownership, possession, and control of the department of transportation, including but not limited to, any land or buildings previously owned by the former Massachusetts turnpike authority, and determine whether such assets are surplus to the operation of the department of transportation, as defined by section 1 of chapter 6C, and whether such assets present the potential to meet the pension fund’s assumed rate of return for investments.  Any such assets deemed to be both surplus and as presenting the potential to meet the pension fund’s assumed rate of return for investments, prior to being transferred to the division, may be purchased at the current market value by the pension fund, subject to the approval of the undersecretary of the division of highways and the pension reserves investment management board.  Any proceeds generated from such a sale shall be deposited in the Massachusetts Transportation and Infrastructure Fund, established pursuant to section 4 of chapter 6C.”.