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. Notwithstanding any general or special law to the contrary, the Nantucket Islands Land Bank may sell, convey or otherwise dispose of a certain parcel of land with the building thereon known as the “Blair House” situated in the town of Nantucket containing approximately 5,000 square feet. The parcel is a portion of parcel 2 on the town of Nantucket assessor’s map 42.3.4.
SECTION 2. In consideration for, and as a condition of, the conveyance of the parcel of land authorized in section 1, the Nantucket Islands Land Bank shall place any proceeds from the sale of this property into an individual escrow account and the proceeds therefrom shall be used for the exclusive purpose of acquiring land which shall not have been previously under conservation ownership, shall be ecologically significant land and shall be of equal or greater value than the land sold. In the event that this property is exchanged for other land, the acquired land shall not have been previously under conservation ownership, shall be ecologically significant and shall be of equal or greater value than the parcel described in section 1, based on the town of Nantucket assessor’s assessed values on the date of the exchange.
SECTION 3. This act shall take effect upon its passage.
Approved, November 21, 2011.