Section 37. At least 120 days prior to any purchase, sale, rental, lease, transfer, or significant change in use of one or more acres of real property by the commonwealth on behalf of state agencies, the commissioner of capital asset management and maintenance shall notify in writing, for each city or town in which the real property is located: the city manager in the case of a city under Plan E form of government, the mayor and the city council in the case of all other cities, the chairman of the board of selectmen in the case of a town, the county commissioners, the regional planning agency, and the members of the general court. Such 120 day notification requirement may be shortened if: (1) the public officials referred to above agree to reduce the 120-day period upon the request of the commissioner; or (2) the commissioner certifies in writing that an emergency exists, provided that commissioner shall submit his certification to and notify the appropriate local officials of any such transaction at the first possible opportunity. The notice shall include a statement of the present use, the reason for the proposed action, and the proposed use of the property. The commissioner shall at least 60 days prior to any such purchase, sale, rental, lease, transfer, or significant change in use of one or more acres of real property, cause a public hearing to be held, after giving timely notice, in the city or town where such real property is located for the purpose of disclosing the conditions or reasons for the proposed action.