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. The town of Auburn, acting by and through its board of selectmen, may purchase from Chao Lee, LLC, a certain parcel of land, with a building thereon, located at 338-340 Southbridge street in the town of Auburn, as described in a deed recorded at the Worcester district registry of deeds in book 20957, page 381. The parcel is contiguous to, and shall be used by the town in conjunction with, the new Auburn high school.
SECTION 2. Consideration to Chao Lee, LLC by the town of Auburn shall be as follows: payment of a sum of money not to exceed $500,000 and conveyance to Chao Lee, LLC of a certain parcel of land owned by the town, located at 90 Auburn street in the town, as described in a deed recorded at the Worcester district registry of deeds in book 31637, page 162. The appraised value of the town owned parcel being $595,000, as of March, 2005.
SECTION 3. The town of Auburn may enter into a use and occupancy agreement with Chao Lee, LLC for the period of July 1, 2006, to February 28, 2007, inclusive, allowing Chao Lee, LLC to remain on the premises at 338-340 Southbridge street after conveyance of the property to the town so as to enable Chao Lee, LLC to continue to operate its business during construction of its new restaurant at 90 Auburn street in the town. The use and occupancy shall be without compensation, but on condition that Chao Lee, LLC shall pay all expenses related to the operation of its business, including general property and casualty insurance satisfactory to the town.
SECTION 4. The property at 90 Auburn street in the town of Auburn shall revert to the town if Chao Lee, LLC shall fail to construct a restaurant as approved by the Auburn planning board. A reversion clause to this effect shall be stated in the deed. This right of reversion shall terminate upon issuance of an occupancy permit to Chao Lee, LLC for the restaurant.
SECTION 5. Subsections (a), (b) and (g) of section 16 of chapter 30B of the General Laws shall apply to the conveyance authorized by this act.
SECTION 6. This act shall take effect upon its passage.
Approved April 20, 2006.