Whereas , The deferred operation of this act would tend to defeat its purpose, which is forthwith to dispose of certain land in the city of Lowell, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. As used in this act the following words shall have the following meanings:-
"Board of trustees", the board of trustees of the University of Massachusetts.
"Building authority", the University of Massachusetts Building Authority.
"Campus", the campus of the University of Massachusetts Lowell.
"Chancellor", the chancellor of the University of Massachusetts Lowell.
"Commissioner", the commissioner of capital asset management and maintenance.
"Owner of parcel 2", John F. Power, doing business in the commonwealth as Farley White Interests, who, on the effective date of this act, either has contracted to purchase parcel 2 or owns parcel 2.
"Parcel 1", the remaining state-owned portion of the Wannalancit property at 600 Suffolk street in the city of Lowell.
"Parcel 2", the St. Joseph's hospital located at 220 Pawtucket street in the city of Lowell.
"President", the president of the University of Massachusetts.
"Trust fund", the University of Massachusetts Lowell Development Assistance Trust Fund.
"University", the University of Massachusetts.
SECTION 2. Notwithstanding sections 40F to 40J, inclusive, of chapter 7 of the General Laws, or any other general or special law or any rule or regulation to the contrary, the commissioner may convey to the owner of parcel 2 a parcel of state-owned land, hereinafter known as parcel 1, located at 600 Suffolk street in the city of Lowell and more fully described as follows:
The land, with all buildings thereon, commonly known as 600 Suffolk Street and located on the northerly side of Suffolk Street in Lowell, Middlesex County, Massachusetts, being shown as Phase I as shown on a "Compiled Plan of Land In Lowell, Mass. For Wannalancit office and Technology Center Realty Trust", Scale 1"=20', dated March 25, 1983, by Robert M. Gill Associates, Inc., Civil Engineers & Surveyors, Lowell, Mass. (the "Plan"), which Plan is recorded with the Middlesex North District Registry of Deeds at Plan Book 140, Plan 1, containing 43,369 square feet of land, more or less; and Lot C on Plan entitled "Compiled Plan of Land In Lowell, Mass.", dated September 13, 1982, Scale 111=40', prepared by Robert M. Gill & Associates, Inc., Lowell, Massachusetts, which Plan is recorded with the Middlesex north district registry of deeds at Plan Book 137, Plan 121, containing 90,487 square feet of land, more or less, in exchange for a certain parcel of land, herein designated parcel 2, and known as the Saint Joseph's Hospital and more fully described as follows:-
The St. Joseph's hospital is a certain parcel of land with the buildings and improvements therein, containing approximately 2.15 acres, more or less, located at 220 Pawtucket Street in the city of Lowell, Middlesex County, and more fully described as situated on the southwesterly side of Merrimack Street, the southwesterly side of Pawtucket Street and the northeasterly side of Salem Street in said city.
The exact boundaries of the parcels shall be determined by the commissioner in consultation with the campus and the university.
SECTION 3. In order to determine the full and fair market values of parcel 1 and parcel 2, and as a condition precedent to the conveyance of the parcels, the commissioner shall require that an independent professional appraisal be performed on each parcel. The commissioner may accept for the purposes of this section existing appraisals of parcels 1 and 2, submitted to him by the owner of parcel 2, if the appraisals were completed no longer than 1 year before the effective date of this act and were conducted by an appraiser approved by the commissioner. Such appraisals shall review any environmental issues associated with each parcel, including an assessment of hazardous materials which may be present at each parcel in accordance with chapter 21E of the General Laws, and an analysis of the impact on the value of the parcels based on such assessment.
The owner of parcel 2 shall pay for all costs associated with any appraisal, assessment, analysis, survey or deed preparation related to the conveyances of the properties authorized by sections 2 to 4, inclusive, as may be deemed necessary by the commissioner.
SECTION 4. The consideration to be paid to the commonwealth by the owner of parcel 2 for the conveyance of parcel 1 shall be the conveyance of parcel 2. In addition, should the full and fair market value of parcel 1 be determined by the commissioner to be greater than the full and fair market value of parcel 2, then the commissioner shall require the owner of parcel 2 to pay to the commonwealth the difference of the value of parcel 1 minus the value of parcel 2.
If however, the full and fair market value of parcel 2 is determined by said commissioner to be greater than the full and fair market value of parcel 1, then nothing in this act, or in any general or special law or any rule or regulation to the contrary, shall require the commissioner, on behalf of the commonwealth, to pay to the owner of parcel 2 the difference of the value of parcel 2 minus the value of parcel 1.
The inspector general shall review and approve all aspects of this transaction between the commonwealth and the owner of parcel 2, and shall prepare a report of his review of the transaction and of the methodology utilized for determining the appraisals. The inspector general shall prepare a report of his review and file the report with the commissioner for submission to the house and senate committees on ways and means and the chairmen of the joint committee on state administration. The commissioner shall, 30 days before the execution of the conveyance and any agreement authorized by this act, or any subsequent amendment thereto, submit the agreement or amendment and a report thereon to the inspector general for his review and comment.
The inspector general shall issue his review and comment within 15 days of receipt of any agreement or amendment. The commissioner shall submit the agreement and any subsequent amendments thereto, the reports, and the comments of the inspector general to the house and senate committees on ways and means and the chairmen of the joint committee on state administration at least 15 days before the execution thereof.
SECTION 5. Notwithstanding the provisions of sections 40F to 40J, inclusive, of chapter 7 of the General Laws, or any other general or special law or rule or regulation to the contrary, the commissioner, after acquiring title to parcel 2, as described in sections 2 to 4, inclusive, may transfer parcel 2 to the building authority for nominal consideration and upon such terms and conditions as may be agreed to by the commissioner, the chancellor, the president, and the building authority. The building authority shall contract with the board of trustees, with the approval of the president and the concurrence of the chancellor, to allow the campus to use the parcel 2 property for the purposes of the trust fund established by section 6. All expenditures for the operation and maintenance of the parcel 2 property shall be the responsibility of the campus and shall be paid first from the trust fund and then from other sources, if necessary.
In addition to the requirements of section 18B of chapter 773 of the acts of 1960, the building authority shall not sell parcel 2 or any part thereof without the prior approval of the general court. The proceeds of any sale of parcel 2 or any part thereof by the building authority shall be paid to the treasurer and receiver-general of the commonwealth and shall be credited on the books of the commonwealth to the General Fund.
SECTION 6. The board of trustees shall establish and maintain a trust fund to be known as the University of Massachusetts Lowell Development Assistance Trust Fund. The purposes of the trust fund shall include, but not be limited to, the promotion of a sound and stable economy and a highly trained workforce, the encouragement of interdisciplinary research and partnerships with community and industry, the support and improvement of the health of individuals and communities, and the spurring of the job creation necessary for the maintenance and growth of the technology and manufacturing sectors of the Massachusetts economy. All revenues and expenditures relative to the development, operation, repair, and maintenance of property in parcel 2 shall be deposited in and expended from the trust fund.
The chancellor shall produce a report annually on the activities supported by the trust fund and shall submit copies of the report to the president, the office of the inspector general, the chairmen of the house and senate committees on ways and means, and the chairmen of the joint committee on state administration.