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 North Raynham Water District, acting by and through its commissioners, may transfer property located on Broadway in the town of Raynham, containing approximately 1.45 acres of land to Prospect Leasing, Inc. The parcel is shown as Parcel B on a plan entitled “Plan of Land in Raynham, Massachusetts” prepared by Hayward-Boynton & Williams Inc. Civil Engineers dated March 14, 2007. In consideration and exchange for this conveyance, Prospect Leasing, Inc. shall transfer land comprising approximately 1.746 acres, along with a 20 foot wide water access easement shown on the aforementioned plan to the North Raynham Water District for water supply purposes.
The fair market value of the 1.746 acre parcel shall be equal or greater than the fair market value of the 1.45 acre parcel described above, as determined by an independent appraisal. For the purposes of these appraisals, the fair market value of the 1.746 acre parcel shall be calculated in its highest and best use. If there is a disparity in these values in favor of the North Raynham Water District, Prospect Leasing Inc will pay a sum equal to the difference to the North Raynham Water District for deposit in its water supply land conservation fund or otherwise dedicated to preservation of water supply land.
SECTION 2. A document, including a deed, transferring the care, custody, control, ownership or management of the 1.746 acre parcel shall not be valid unless the document contains a conservation restriction stating that it will be used for water supply purposes by the water district.
SECTION 3. This act shall take effect upon its passage.
Approved August 6, 2008